View Policies Current Attempt in Progress The following information relates to equipment owned by Rachel Renovations Limited at December 31, 2020 Cost $6.840,000 Accumulated depreciation to date 760,000 Recoverable amount 4712,000 Assume that Rachel will continue to use this equipment in the future. As at December 31, 2020, the equipment has a remaining useful life of four years. Rachel uses the straight-line method of depreciation. The depreciation for 2020 has already been recorded by the company Prepare the journal entry, if any, to record the impairment of the asset at December 31, 2020. (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 account titles and enter O for the amounts) Date Dec. 31, 2020 Account Titles and Explanation Debit Credit (To record impairment loss on equipment) Textbook and Media