Coronado inc purchased equipment for $1404000 in 2025 . Three years later, the equipment has accumulated depreciation of $553000 and Coronado has concerns that the equipment has been impaired. Future cash flows are estimated to be $893000. The current fair value of the equipment is estimated to be approximately $702000. The journal entry to record the impairment loss on the equipment will include credit to Loss on Impairment for $74500. credit to Accumulated Depreciation - Equipment for $74500. credit to Accumulated Depreciation - Equipment for $21222. no impairment has occurred, so no journal entry is required