Testbank Problem 136 Presented below is information related to equipment owned by Pina Colada Company at December 31, 2020. Cost $8,120,000 Accumulated depreciation to date 928,000 5,800,000 3,944,000 Expected future net cash flows Fair value Assume that Pina Colada will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Fill the missing amounts and choose the correct option. For Pina Colada company, the recoverability test compares s SHOW LIST OF ACCOUNTS /are less than to $ 50 a As a result, the asset the recoverability test, because on impairment is recorded in 2020. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do ow is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Dec. 31 SHOW LIST OF ACCOUNTS Debit Credit