Coronado Industries purchased equipment in 2019 at a cost of $12000. Two years later it became apparent to Coronado industries that this equipment had suffered an impairment of value. In early 2021, the book value of the asset is $583000 and it is estimated that the fair value is now only $360000. The entry to record the impairment is Loss on impairment of Eument 223000 Accumulated Depreciation Equipment 223000 Retained Earnings 223000 223600 Reserve for loss on impairment of Equipment No entry is necessary as a write officiates the historical cost principle Retained Earning 22.3000 Accumulated Depreciation Equipment 223000