39 of 40 View Policies Current Attempt in Progres -12.5= Concord Corporation purchased equipment in 2019 at a cost of $889000. Two years later it became apparent to Concord Corporation that this oment had suffered an impairment of value in early 2021, the book value of the asset is $581000 and it is estimated that the fair value is now only $358000. The entry to recond the impairment is Question 30 Question 1 Mu O 0 Lom on Impairment of Equipment 223000 Accumulati Depreciation-Epment 223000 Reserve for Loss on garment of Equipment 223000 223000 No entry is necessary as a write off violates the historical cost principle O Retained Earnings Accumulated Depreciation-Equipme 223000 223000 Sain for Later Question 32 Muttyle Owerk Question 33 Music Chica Question 34 Question 25 Mulgin Chance Question 36 True Fabe Question 37 Mutale Chi Question 3 TrueFae Viewing Question 19 Attempts: 0 of 1 used Submit A Maple Choce