Identifying and Recording Impairment Loss on Fixed Asset Supreme inc. has equipment with an original cost of \$650,000. and accumulated depreciation of $300,000. Supreme is aware of a general market decine in the value of this equip ment due to upgrades that are now available. Supreme estimates the total remaining future net cash infiows from operating the equipment to be $400,000. The fair value of the equipment is estimated to be $300,000 based on conditions in the market. Prepare the entry. if any. that supreme shouid make to record the decine in value. Note: If a line in a journal entry isnt required for the transaction. select "N/Ail as the account: names and leave the Dr. and cr. answers blank (zero)