Current Attempt in Progress Coronado Industries purchased equipment in 2019 at a cost of $912000. Two years later it became apparent to Coronado Industries that this equipment had suffered an impairment of value. In carly 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 Equipment 223000 Accumulated Depreciation-Equipment 223000 Retained Earnings 223000 223000 Reserve for Loss on impairment of Equipment No entry is necessary as a write-off violates the historical cost principle Retained Earning 223000 Accumulated Depreciation Equipment 223000