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Exercise 11-16 Presented below is information related to equipment owned by Kingbird Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,890,000 1,210,000 8,470,000 5,808,000 Assume that Kingbird will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Your answer is partially correct. Try again. Prepare the journal entry (if any) to record the impairment of the asset 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.) Date Account Titles and Explanation Debit Credit Dec. 31TLoss on Impairment 3896200 T Accumulated Depreciati 3896200 Prepare the journal entry to record depreciation expense for 2021. (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.) Account Titles and Explanation Debit Credit No Entry No Entry SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Your answer is partially correct. Try again. The fair value of the equipment at December 31, 2021, is $6,171,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 TTAccumulated Depreciation. 605000 Recovery of Loss from ] 605000