* Your answer is incorrect. Concord Corporation purchased equipment for $742000 in 2025. Two years later, the equipment has accumulated depreciation of $227000 and Concord has concerns that the equipment has been impaired. Future cash flows are estimated to be $485000. The controller believes the current fair value of the equipment to be approximately $435000. The journal entry to record the impairment loss on the equipment will include credit to Loss on Impairment for $80000. O credit to Accumulated Depreciation-Equipment for $80000, O credit to Accumulated Depreciation Equipment for $30000. O no impairment has occurred, so no journal entry is required.