A company had purchased a machinery for $1,000,000 in 2014. The accumulated depreciation to date is $280,000. As of December 2018, the estimated useful life of the asset is 8 years, and the company estimated the fair value of the machine at $600,000. Prepare the journal entry if any, to record the impairment of the asset at December 31, 2018. a. Debit Loss on impairment account for $400,000 and credit the Accumulated depreciation on machinery account for $400,000. b. Debit Loss on impairment account for $120,000 and credit the Accumulated depreciation on machinery account for $120,000. c. Debit Accumulated depreciation on machinery account for $120,000 and credit the Loss on impairment account for $120,000. d. Debit Accumulated depreciation on machinery account for $400,000 and credit the Loss on impairment account for $400,000