Sarasota Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $9,600,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of Sarasota's equipment. Sarasota's controller estimates that expected future net cash flows on the equipment will be $6,000,000 and that the fair value of the equipment is $5,280,000. Sarasota intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Sarasota uses straight-line depreciation. What is the carrying value of the equipment at December 31, 2020? Carrying value $ Prepare the journal entry (if any) to record the impairment at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Dec. 31 Account Titles and Explanation Debit Credit