Escargot Top Menswear, Ltd. reported net plant and equipment of $1,610,000. These assets cost $2,515,000 with accumulated depreciation taken to date of $905,000. Based on recently assessed negative evidence, Escargot Top's management concluded that its plant assets might be impaired. Escargot Top estimates total expected future cash flows from the use of the assets as only $1,310,000 and appraises the fair value of the assets at $1,019,000. Are the company's assets impaired? If there is an impairment loss, prepare the journal entry necessary to record the impairment. Conduct the impairment test for plant and equipment at the end of the year to determine whether Escargot Top Menswear's assets are impaired. Step 1: Plant and Equipment Impairment Indicated Now, complete step 2 of the impairment test for plant and equipment. Select whether step 2 of the test is required on the first line. (If the test is not required, leave all remaining cells in that column blank. However, if the test is required, but no impairment loss exists, then leave only the impairment loss input cell blank in that column.) Step 2: Step 2 required Plant and Equipment Less: Impairment Loss Next, if there is an impairment loss, prepare the journal entry necessary to record the impairment. (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required, select "No entry required" on the first account line and leave the remaining cells blank. Round your answer to the nearest whole dollar.) Account Date of Impairment