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Coronado Company owns equipment that cost $1,008,000 and has accumulated depreciation of $425,600. The expected...

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Accounting

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Coronado Company owns equipment that cost $1,008,000 and has accumulated depreciation of $425,600. The expected future net cash flows from the use of the asset are expected to be $560,000. The fair value of the equipment is $448,000. 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 o for the omounts. Credit occount tities are automatically indented when amount is entered. Do not indent manuolly. List debit entry before credit entry)

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