Sunland Company purchased equipment in 2019 at a cost of $889000. Two years later it became apparent to Sunland Company that this equipment had suffered an impairment of value. In early 2021, the book value of the asset is $581000 and it is estimated that the fair value is now only $359000. The entry to record the impairment is No entry is necessary as a write-off violates the historical cost principle. Retained Earnings 222000 Accumulated Depreciation Equipment 222000 222000 Loss on Impairment of Equipment Accumulated Depreciation-Equipment 222000 Retained Earnings 222000 222000 Reserve for Loss on Impairment of Equipment