Kane Biotech was preparing the annual financial statements and, as part of the year-end procedures, assessed the assets and prepared the following alphabetized schedule based on adjusted values at December 31, 2023:

Required

1. Record any impairment losses at December 31, 2023. Assume Kane Biotech has recorded no impairment losses in previous years.

2. Record depreciation for each asset at December 31, 2024. Assume that there was no change in the residual values or useful lives regardless of any impairment losses that might have occurred. The equipment produced 1,800 units during 2024.

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Asset Equipment Furniture Date of Purchase Deprec. Method* Cost Residual Value Useful Life Accum. Deprec. Recoverable Amount May 1/18 $ 5,000 $ 8,000 $40,000 12,000 85,000 7,000 units 8 yrs Jun. 28/18 2,000 Apr. 5/18 N/A N/A Apr. 5/18 77,000 17,000 15 yrs Apr. 5/18 55,000 10,000 20 yrs *DDB = Double-declining-balance; SL = Straight-line; Units Units-of-production; N/A = Not applicable Land Office building Warehouse Units DDB N/A SL SL $20,000 9,509 N/A 23,000 12,938 2,950 101,800 52,500 45,100