The management of Swifty Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $927,000 with depreciation to date of $412,000 as of December 31, 2020. On December 31, 2020, management projected its future net cash flows from this equipment to be $309,000 and its fair value to be $236,900. The company intends to use this equipment in the future. (a) Your answer is correct. Prepare the journal entry (if any) to record the impairment at December 31, 2020.(If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (c) Date Account Titles and Explanation Dec. 31 Loss on Impairment Accumulated Depreciation-Equipment eTextbook and Media List of Accounts * Your answer is incorrect. Debit 278100 Credit 278100 Attempts: 1 of 3 used At December 31, 2021, the equipment's fair value increased to $266,900. Prepare the journal entry (if any) to record this increase in fair value. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Equipment Unrealized Gain on Revaluation eTextbook and Media List of Accounts Debit 30000 Credit 30000