Swifty Corporation purchased equipment for $740000 in 2025. Two years later, the equipment has accumulated depreciation...

 

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Swifty Corporation purchased equipment for $740000 in 2025. Two years later, the equipment has accumulated depreciation of $237000 and Swifty has concerns that the equipment has been impaired. Future cash flows are estimated to be $481000. 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 Swifty Corporation purchased equipment for $740000 in 2025. Two years later, the equipment has accumulated depreciation of $237000 and Swifty has concerns that the equipment has been impaired. Future cash flows are estimated to be $481000. 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