The management of Larkspur Inc., a small private company that uses the cost recovery impairment model, was discussing whether certain equipment should be written down as a charge to current operations because of obsolescence. The assets had a cost of $910,000, and depreciation of $310,000 had been taken to December 31, 2023. On December 31, 2023, management projected the undiscounted future net cash flows from this equipment to be $320,000, and its fair value to be $230,000. The company intends to use this equipment in the future. Assume instead that, as at December 31, 2023, the equipment was expected to have undiscounted future net cash flows of $55,000 per year for each of the next 10 years, and that there is no active market for the equipment. Larkspur uses a 10% discount rate in its cash flow estimates. Prepare the journal entry to record impairment at December 31, 2023, if any. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry. Round factor values to 5 decimal places, eg. 1.25124 and final answers to O decimal places, eg. 1,251) Click here to view Table A.4-PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 Date December Account Titles and Explanation Debit Credit Loss on Impairment 31, 2023 Accumulated Depreciation - Equipment