Novak Corp., a small company that follows ASPE, owns machinery that cost $$925,000$ and has accumulated depreciation of $$385,000.$ The undiscounted future net cash flows from the use of the asset are expected to be $$513,000.$ The equipment's fair value is $$440,000.$ Using the cost recovery impairment model, prepare the journal entry, if any, to record the impairment loss. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

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