Wildhorse Corporation uses straight$-$line depreciation, prepares adjusting entries annually, and has a December $31$ year end. It

purchased equipment on January $1,2023,$ for $$190,600.$ The equipment had an estimated useful life of five years and a residual value

of $$19,060.$ On December $31,2024,$ the company tests for impairment and determines that the equipment's fair value is $$104,300.$