The management of Larkspur Inc, a small private company that uses the cost recovery impairment model, was discussing whether certain equipment should be written down as a charge to current operations because of obsolescence. The assets had a cost of $920,000, and depreciation of $330,000 had been taken to December 31,2023. On December 31, 2023, management projected the undiscounted future net cash flows from this equipment to be $350,000, and its fair value to be $270,000. The company intends to use this equipment in the future. Prepare the journal entry, if any, to record the impairment at December 31, 2023. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) At December 31,2024 , the equipment's fair value increased to $310,000. Prepare the journal entry, if any, to record this increase in fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent monually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. List debit entry before credit entry.) Assume instead that, as at December 31,2023 , the equipment was expected to have undiscounted future net cash flows of $600,000, and that its fair value was estimated to be $520,000. Prepare the journal entry to record the impairment at December 31, 2023, if any. (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 occount titles and enter O for the amounts. List debit entry before credit entry)