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On January $1,2021,$ Pronghorn Ltd$.$ purchased equipment for $$768,000.$ 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 January $1,2023,$ Pronghorn's management became

concerned that the equipment may have become obsolete. Management calculated that the undiscounted future net cash flows from

the equipment was $$552,000,$ the discounted future net cash flows was $$489,600,$ and the current fair value of the equipment $($after

$$2,100$ costs to sell$)$ was $$480,000.$ Record the journal entry to record the impairment loss, if any. $($Credit account titles are automatically indented when the amount is

entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry

before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Loss on Impairment

Accumulated Impairment Losses $-$ Equipmenton january $1,2021,$ pronghorn ltd$.$ purchased equipment for $768,000.$ 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 january $1,2023,$ pronghorn's management became concerned that the equipment may have become obsolete. Management calculated that the undiscounted future net cash flows from the equipment was $552,000,$ the discounted future net cash flows was $489,600,$ and the current fair value of the equipment $($after $2,100$ costs to sell$)$ was $480,000.$ Record the journal entry to record the impairment loss, if any

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