1 Conklin Top Menswear, Ltd. reported net plant and equipment of $1,608,000. These assets cost $2,512,000 with accumulated depreciation taken to date of $904,000. Based on recently assessed negative evidence, Conklin Top's management concluded that its plant assets might be impaired. Conklin Top estimates total expected future cash flows from the use of the assets as only $1,326,000 and appraises the fair value of the assets at $1,020,000. Are the company's assets impaired? If there is an impairment loss, prepare the journal entry necessary to record the impairment. Step 2 required 1 6 Less: Impairment Loss Next, if there is an impairment loss, prepare the journal entry necessary to record the impairment. (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required, select "No entry required" on the first account line and leave the remaining cells blank. Round your answer to the nearest whole dollar.) Account Date of Impairment Choose from any list or enter any number in the input fields and then continue to the next