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View Policies Show Attempt History Current Attempt in Progress Presented below is Information related to...

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Accounting

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View Policies Show Attempt History Current Attempt in Progress Presented below is Information related to equipment owned by Novak Company at December 31, 2020. Cost $11,250,000 1,250,000 Accumulated depreciation to date Expected future net cash flows 8,750,000 Fair value 6,000,000 Assume that Novak will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years (a) (c) Your answer is partially correct. The fair value of the equipment at December 31, 2021, is $6,375,000. 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 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 Accumulated Depreciation Equipment 625000 Recovery of Loss from Impairment 625000 e Textbook and Media List of Accounts

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