Salty Top Menswear, Ltd., an IFRS reporter, reported net plant and equipment of $1,680,000. These assets cost $2,590,000 with accumulated depreciation taken to date of $910,000. Based on recently assessed negative evidence, Salty Top's management concluded that its plant assets might be impaired. Salty Top estimates that the value in use is $1,081,000, based on discounted expected future cash flows from the use of the assets. The fair value of the assets less costs to sell is $1,020,000. Are the company's assets impaired? If there is an impairment loss, prepare the journal entry necessary to record the impairment. Now complete part 2 of the impairment test for assets other than goodwill and identify any impairment loss. (If you selected "No" that an impairment loss is not indicated, then leave the impairment loss input cell blank. Show a loss with a parentheses or minus sign.) Plant and Equipment Part 2: Recoverable amount Carrying value at year-end Impairment indicated Impairment loss, if any 1,081,000 $ 1,680,000 Yes $ (599,000) Prepare the journal entry required to record any impairment loss computed in part 2. (Record debits first, then credits. Exclude explanations from any journal entries.If no entry is required select "No Entry Required" on the first line of the journal entry table and leave all remaining cells in the table blank.) Account Date of Impairment Accumulated Depreciation-Plant and Equipment 599,000