Concord Corporation purchased equipment in 2019 at a cost of $895000. Two years later it became apparent to Concord Corporation that this equipment had suffered an impairment of value. In early 2021, the book value of the asset is $585000 and it is estimated that the fair value is now only $362000. The entry to record the impairment is

No entry is necessary as a write-off violates the historical cost principle.

Retained Earnings		223000
	Accumulated DepreciationEquipment		223000

Loss on Impairment of Equipment		223000
	Accumulated DepreciationEquipment		223000

Retained Earnings		223000
	Reserve for Loss on Impairment of Equipment		223000