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Presented below is information related to equipment owned by Novak Company at December 31,2025 ....

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Accounting

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Presented below is information related to equipment owned by Novak Company at December 31,2025 . Novak intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $25,000. As of December 31,2025 , the equipment has a remaining 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. (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. List debit entry before credit entry.)

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