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Question 6 View Policies Current Attempt in Progress Vaughn Manufacturing purchased equipment in 2019 at a cost of $903000. 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 $584000 and it is estimated that the fair value is now only $365000. The entry to record the impairment is e and 219000 Retained Earnings Accumulated Depreciation Equipment SS 219000 port Retained Earnings 219000 219000 Reserve for Loss on Impairment of Equipment Loss on Impairment of Equipment 219000 219000 Accumulated Depreciation--Equipment No entry is necessary as a write-off violates the historical cost principle. Attempts: 0 of 1 used Submit Answer Save for Later 6:46 PM