Sloane, Inc. purchased equipment in 2015 at a cost of $600,000. Two years later the undiscounted future cash flows of the equipment was $360,000. The book value of the asset is $320,000 and it is estimated that the fair value is $300,000. The entry to record the impairment is: Select one: a. Retained Earnings 40,000 Accumulated Depreciation - Equipment 40,000 O b. Loss on Impairment of Equipment 20,000 Reserve for Loss on Impairment of Equipment 20,000 Oc No Entry Necessary O d. Loss on Impairment of Equipment 20,000 Accumulated Depreciation - Equipment 20,000 O e Loss on Impairment of Equipment 40,000 Accumulated Depreciation-Equipment 40,000