Current Attempt in Progress Bramble Corp. purchased equipment in 2016 at a cost of $895000. Two years later it became apparent to Bramble Corp. that this equipment had suffered an impairment of value. In early 2018, the book value of the asset is $585000 and it is estimated that the fair value is now only $359000. The entry to record the impairment is No entry is necessary as a write-off violates the historical cost principle. O Retained Earnings 226000 Accumulated Depreciation Equipment 226000 O Retained Earnings 226000 226000 Reserve for Loss on Impairment of Equipment 226000 O Loss on Impairment of Equipment Accumulated Depreciation-Equipment 226000