"resented below is information related to equipment owned by Oriole Company at December 31, 2020, Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,800,000 1,200,000 8,400,000 5,760,000 Assume that Oriole will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. - Your answer is partially correct. 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 accoun Date Account Titles and Explanation Debit Credit Dec.31 Loss on Impairment 3864000 Accumulated Depreciation Equipment 3864000 e Textbook and Media List of Accounts - Your answer is partially correct. Prepare the journal entry to record depreciation expense for 2021. (If no entry is required, select "No entry for the account titles and enter for the amou Account Titles and Explanation Debit Credit No Entry No Entry The fair value of the equipment at December 31, 2021, is $6,120,000. Prepare the journal entry (if any) necessary to record this increase in fair value. Of when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Accumulated Depreciation Equipment 600000 Recovery of Loss from Impairment 600000 e Textbook and Media