Vaughn Manufacturing purchased equipment in 2019 at a cost of $896000. Two years later it became apparent to Vaughn Manufacturing that this equipment had suffered an impairment of value. In early 2021, the book value of the asset is $589000 and it is estimated that the fair value is now only $355000. The entry to record the impairment is No entry is necessary as a write-off violates the historical cost principle O Retained Earnings 234000 Accumulated Depreciation Equipment 234000 LassonImpairment of Equipment 234000 Accumulated Depreciation Equipment 234000 Retained Earnings 234000 Reserve for Loss on Impairment of Equipament 234000