Question 6 of 20 - / 0.4 View Policies 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 early 2021, the book value of the asset is $585000 and it is estimated that the fair value is now only $359000. The entry to record the impairment is Retained Earnings Accumulated Depreciation-Equipment 226000 Loss on Impairment of Equipment 226000 Accumulated Depreciation-Equipment 226000 No entry is necessary as a write-off violates the historical cost principle. Retained Earnings 226000 226000 Reserve for Loss on Impairment of Equipment