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Jurassic Company owns equipment that cost $$900,000$ and has accumulated depreciation of $$380,000.$ The expected future net cash flows from the use of the asset are expected to be $$550,000.$ The fair value of the equipment is $$400,000.$

Prepare the journal entry, if any, to record the impairment loss. $($If no entry is required, select $"$No entry" for the account titles and enter ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Accumulated Depreciation $-$ Equipment

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