california spas recently learned that the value of its building required a write-down because of the discovery that it was on an earthquake fault line. the book value of the building was $1,570,000 before the discovery and the fair value was $975,000 after the discovery. which of the following is the journal entry used to record the asset impairment?
a) debit impairment loss and credit accumulated depreciation for $595,000
b) debit depreciation expense and credit building for $595,000
c) debit impairment loss and credit building for $595,000
d) debit other gains and losses and credit accumulated depreciation for $595,000