37 Martin, Inc purchased equipment in Year 11 at a cost of $800,000. Two years later, Martin, Inc determined that this equipment had suffered an impairment of value. In Year 13, the book value of the asset is $520,000 and it is estimated that the fair value is now only $320,000. The entry to record the impairment is of 3 estion Select one: Oa No entry is necessary as a write-off violates the historical cost principle. O b. Retained Earnings 200,000 Accumulated Doprociation 200,000 OC Impairment Loss Accumulated Depreciation 200,000 280,000 Equipment 480,000 od Retained Earings Reserve for Loss on Impairment of Equipment. 200,000 200,000