The asset was not sold by December 31, 2021. The fair value of the equipment on that date is $6,042,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $22,800. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Depreciation Expense Debit Credit Dec. 31 1094400 Accumulated Depreciation Equipment 1094400 e Textbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer Presented below is information related to equipment owned by Bramble Company at December 31, 2020. Cost Accumulated depreciation to date Expected tuture net cash flows Fair value $10,260,000 1,140,000 7,980,000 5,472,000 Bramble intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,800. As of December 31, 2020, the equipment has a remaining useful life of 5 years