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A B E F G H 1 Belton, Inc., purchased equipment in 2018 at a cost of $800,000. Two years later, Belton determined that the present value of future net 2 cash flows from the equipment was $570,000. Since the book value of the asset was $585,000 at that time, Belton determined that there was 3 some impairment of value. The estimated fair value is now only $560,000. The entry to record the impairment is 4 5 a. No entry is necessary as a write-off violates the historical cost principle. 6 7 b. 15,000 Loss on Impairment of Equipment Accumulated Depreciation Equipment 8 15,000 9 LOC. 15,000 Retained Earnings Reserve for Loss on Impairment of Equipment 11 15,000 w O 12 13 d. 25,000 Loss on Impairment of Equipment Accumulated Depreciation Equipment 14 25,000