Ivanhoe, Inc. purchased equipment in 2024 for $883000. Two years later it became apparent to Ivanhoe that this equipment had suffered an impairment of value. In early 2026, the book value of the asset is $581000 and it is estimated that the fair value is now only $358000. The entry to record the loss on impairment is Retained Earnings Reserve for Loss on Impairment Retained Earnings Accumulated Depreciation-Equipment 223000 223000 223000 223000 No entry is necessary as a write-off violates the historical cost principle. Loss on Impairment Accumulated Depreciation-Equipment 223000 223000