The asset was not sold by December $31,2026.$ The fair value of the equipment on that date is $$5,724,000.$ Prepare the journal entry $($if any$)$ necessary to record this increase in fair value. It is expected that the cost of disposal is still $$21,600.($If no entry is required, select $"$No entry" for the account titles and enter ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.$)$

Date Account Titles and Explanation

Debit

Credit

Dec. $31$

Accumulated Depreciation $-$ Equipment

Recovery of Loss from Impairment