Concord Inc. purchased equipment for $2408000 in 2025 . Three years later, the equipment has accumulated depreciation of $751000 and Concord has concerns that the equipment has been impaired. Future cash flows are estimated to be $1581000. The current fair value of the equipment is estimated to be approximately $1415000. The journal entry to record the impairment loss on the equipment will include credit to Accumulated Depreciation - Equipment for $87000. no impairment has occurred, so no journal entry is required. debit to Loss on Impairment for $242000. debit to Accumulated Depreciation - Equipment for $242000