Crane Company owns equipment that cost $$909,000$ and has accumulated depreciation of $$383,800.$ The expected future net cash

flows from the use of the asset are expected to be $$555,000.$ The fair value of the equipment is $$404,000.$

Prepare the journal entry, if any, to record the impairment loss. $($If no entry is required, select $"$No entry" for the account titles and enter $0$ for

the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit

entry.$)$

Account Titles and Explanation

Debit

Credit