Wildhorse, Inc, purchased equipment in 2024 for $901000. Two years later it became apparent to Wildhorse that this equipment had suffered an impairment of value. In early 2026 , the book value of the asset is $585000 and it is estimated that the fair value is now only $359000. The entry to record the loss on impairment is No entry is necessary as a write-off violates the historical cost principle. Retained Earnings 226000 Reserve for Loss on Impairment 226000 Loss on Impairment 226000 Accumulated Depreciation-Equipment 226000 Retained Earnings 226000 Accumulated Depreciation-Equipment 226000