uestion 5 of 6 < > ew Policies 73 B Current Attempt in Progress Skysong Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $10.600.000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of Skysong's equipment Skysong's controller estimates that expected future net cash flows on the equipment will be $6,678,000 and that the fair value of the equipment is $5,936.000 Skysong intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years Skysong uses straight-line depreciation Prepare the journal entry (if any) to record the impairment at December 31, 2020 of 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 Textbook and Media List of Accounts Debit Credit Prepare the journal entry for the equipment at December 31, 2021 The fair value of the soupment at December 31, 2021, estimated to be $6254.000. no entry is required, select "No entry he the account ties and enter for the amounts Credit account ties are automatically indented when amount is entered De not indentin Date Account Titles and Explanation Dec 31 Debit Credit eTextbook and Media List of Accounts ang that Skysong its 10 po of the wet entry for the ant Date USV20 Account Titles and Explanation ment at Camber 31.2021 Denber 2001 Crede