Coronado Industries purchased equipment in 2019 at a cost of $912000. Two years later it became apparent to Coronado Industries that this equipment had suffered an impairment of value. In early 2021, the book value of the asset is $583000 and it is estimated that the fair value is now only $360000. The entry to record the impairment is

Answer and Explanation:

The journal entry to record the impairment is as follows:

Loss on impairment of equipment $223,000 ($583,000 - $360,000)  

            To Accumulated depreciation- Equipment $223,000

(Being the impairment is recorded)

Here the loss would be debited as it increased the losses and accumulated depreciation is credited as it decreased the assets

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.