Question 6 Presented below is information related to equipment owned by Suarez Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,000,000 1,000,000 7,000,000 4,800,000 Assume that Suarez will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Your answer is partially correct. Try again. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 TLoss on Impairment X Accumulated Depreciation- Your answer is partially correct. Try again. Prepare the journal entry to record depreciation expense for 2021. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Depreciation Expense X Accumulated Depreciation