Sheffield Company uses special strapping equipment in its packaging business. The equipment was purchased in any 2019 for $11.700,000 and had an estimated use of years with no avvalue. At December 31, 2020 new technology was introduced that would accelerate the obsolescence of Sheffieldequipment. Sheffield's controllerestimates that expected future net cash flows on the equipment will be 57.371.000 and that the fair value of the equipment is 56.552.000 Sheffield intends to continue using the equipment, but it is estimated that the remaining usefustes 4 years. Sheffield es straight line depreciation Prepare the journal entry to record the impairment at December 31, 2020 amount is entered. Do not indent manually) entry is required, select "No entry for the account eties and enter for the amounts Credit accounts are automatically indeed when Debit Credit Date Account Titles and Explanation Dec. 31 Prepare the journal entry for the equipment at December 31, 2021. The fair value of the coupesent at December 31, 2001, is estimated to be enter for the amount Credit account titles are automatically indented when amount is entered Do not inden manually Debit Credit Date Account Tiles and Explanation Dec. 31 a Prepare the rentry favorecord th disposed of as of December 31, 2021. r e t December 31. 2030 for th e 20 t h ctory for the cute and enter for the mounted accounts Sheffield intends to dispose of the e n d that it has not be automatically indented when amount ist Deindent man Date Account Titles and Explanation 12/31/20 12/31/21