Adam, Inc. purchased equipment in 2021 at a cost of $600,000. Two years later it became apparent to Adam, Inc. that this equipment had suffered an impairment of value. In early 2023, the book value of the asset was $510,000 and it is estimated that the fair value or market value is now $465,000. The entry to record the impairment is... a. No entry is necessary as a write-off violates the historical cost principle b. Debit Loss on impairment of Equipment 45,000 and credit Accumulated Depreciation-Equipment 45,000 c. Debit Loss on Impairment of Equipment 70,000 and credit Accumulated Depreciation-Equipment 70,000 d. Debit Accumulated depreciation 90,000 and credit Reserve for Loss on Impairment of Equipment 90,000 Adam, Inc. purchased equipment in 2021 at a cost of $600,000. Two years later it became apparent to Adam, Inc. that this equipment had suffered an impairment of value. In early 2023, the book value of the asset was $510,000 and it is estimated that the fair value or market value is now $465,000. The entry to record the impairment is... a. No entry is necessary as a write-off violates the historical cost principle b. Debit Loss on impairment of Equipment 45,000 and credit Accumulated Depreciation-Equipment 45,000 c. Debit Loss on Impairment of Equipment 70,000 and credit Accumulated Depreciation-Equipment 70,000 d. Debit Accumulated depreciation 90,000 and credit Reserve for Loss on Impairment of Equipment 90,000