Waterway Corporation purchased equipment for $740000 in 2025 . Two years later, the equipment has accumulated depreciation of $225000 and Waterway has concerns that the equipment has been impaired. Future cash flows are estimated to be $493000. The controller believes the current fair value of the equipment to be approximately $421000. The journal entry to record the impairment loss on the equipment will include credit to Loss on Impairment for $94000. credit to Accumulated Depreciation - Equipment for $22000. no impairment has occurred, so no journal entry is required. credit to Accumulated Depreciation - Equipment for $94000