A company purchased equipment for $800,000 and has depreciated it using the straight-line method for the past 5 years when its original life was estimated to be 10 years with a $200,000 residual value. The equipment's utility to the company has declined because they expect the equipment to generate net cash flows over the remaining years of $300,000. The asset's fair value at the end of the fifth year is $200,000. REQUIRED: if the asset has been impaired, record the journal entry to record the impairment