Current Attempt in Progress Presented below is information related to equipment owned by Novak Company at December 31.202.5. Nowakintends to dispose of the equipment in the coming year, it is eqpected that the cost of disposal will be $25,000. As of December 31, 2025 , the equipment has a remain ing useful life of 4 years: The asset was not sold by December 31,2026 . The fair value of the equipment on that date is $6,625,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $25,000.0. If no entry/s required, select "No entry" for the account titles and enter 0 for the cmounts, Gredit occount tilles are autamaticelly indented when amount is entered. Do not indent menually. List debit entry before credit entryd