Your answer is partially correct Prepare all required journal entries (if any) at December 31, 2021. The fair value of the equipment at December 31, 2021.8 estimated to be $ 7.080.000.no entry is required, select "No entry for the account titles and enter for the amounts Credit account tities are automatically indented when amount is entered. Do notIndent manual) Date Account Titles and Explanation Debit Credit Dec 31 Lots on malment 36000 Acasa Depreciation 30.000 e Textbook and Media List of Accounts Attempts: 1 of 3 used Show Attempt History Current Attempt in Progress Oriole Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $ 12,000,000 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 Orioles equipment. Oriole's controller estimates that expected future net cash flows on the equipment will be $ 7.560,000 and that the fair value of the equipment 15$ 6,720,000. Oriole intends to continue using the equipment. but it is estimated that the remaining useful life is 4 years. Orioletises straight-ine depreciation (a) Your answer is correct Prepare the journal entry (if any) to record the impairment at December 31, 2020. Or no entry is required, select "No entry for the account titles and enter for the amounts. Credit Account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit 3280000 Dec 31 Liseli