Use the following information to answer the next three questions (Question 18, 19, and 20). McGraw Inc. purchased a piece of equipment for $7,000,000 on January 1, 2018 and depreciated it using straight-line assuming a useful life of 7 years and no salvage value. After calculating and posting depreciation in 2020, McGraw's accountant tested this asset for impairment. At that time, the sum of the undiscounted expected future net cash flows relating to this asset were $3.900.000 and the fair market value of the asset was $3,120,000 Assume that McGraw Inc. will continue to use this equipment in the future. On December 31, 2021 the equipment has a fair value of $4.100.000. Prepare the journal entry for entries) necessary at the end of 2021 E