On January $1,2021.$ Riverbend Ltd purchased equipment for $$832,000.$ The equipment was assumed to have an $8$ year useful life and no residual value and was to be depreciated using the straight line method. On Jan $1,2023$ Riverbend management became concerned that the equipment may have become obsolete. Management calculated that the undiscounted future net cash flows from the equipment was $$598,000,$ the discounted future net cash flows was $$530,400$ and the current fair value of the equipment $($after $$2,300$ costs to sell$)$ was $$520,000.$ Record the journal entry to record the impairment loss, if any.