SheffieldCompany owns equipment that cost $1,053,000and has accumulated depreciation of $444,600. The expected future net cash flows from the use of the asset are expected to be $585,000. The fair value of the equipment is $468,000.

Requirement:

Prepare the journal entry, if any, to record the impairment loss.(If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)