The management of Windsor 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 $830,000, and depreciation of $330,000 had been taken to December 31, 2020. On December 31, 2020, management projected the undiscounted future net cash flows from this equipment to be $390,000, and its fair value to be $310,000. The company intends to use this equipment in the future.

(a)

Prepare the journal entry, if any, to record the impairment at December 31, 2020.(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.)