Bowtie Inc. has equipment with an original cost of $ 700,000 and accumulated depreciation of $ 200,000 Bowtie is aware of a general market decline in the value of this equipment due to upgrades that are now available . Bowtie estimates the total remaining future net cash inflows from operating the equipment to be $ 550,000 The fair value of the equipment is estimated to be $ 250,000 based on conditions in the market . Prepare the entry , if any , that Bowtie should make to record the decline in value .

Note : If a journal entry isn't required on any of the dates shown , select " N / A - debit and N / A - credit as the account names and leave the Dr. and Cr . answers blank ( zero )