Please help me * Your answer is incorrect.The fair value of the equipment at December 31, 2021, is $5,814,000. Prepare the journal entry (if any) necessary to record thisincrease in fair value. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles areautomatically indented when amount is entered. Do not indent manually.)Date Account Titles and ExplanationDec. 31DebitCredit Presented below is information related to equipment owned by Bramble Company at DecenCostAccumulated depreciation to dateExpected future net cash flowsFair value$10,260,0001,140,0007,980,0005,472,000(a)December 31, 2020.Assume that Bramble will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful lifeof 5 years.

Introduction: A journal entry is used to record a business transaction in the company's accounting…

Presented below is information related to equipment owned by Bramble Company at December 31, 2020. $10,260,000 1,140,000 7,980,000 5.472.000 Cost Accumulated depreciation to date Expected future net cash flows Fair value Assume that Bramble will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years.

Presented below is information related to equipment owned by Bramble Company at December 31, 2020. $10,260,000 1,140,000 7,980,000 5.472.000 Cost Accumulated depreciation to date Expected future net cash flows Fair value Assume that Bramble will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 4MCQ

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