00 8 10 points eBook Print References. Exercise 9-22 Impairment losses LO2, 5 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: (Do not round intermediate calculations. Round final answers to nearest whole dollar.) Date of Purchase Accum. Deprec Asset Equipment Furniture May 1/18 Jun. 28/18 Deprec Method Units Cost $ 40,000 Land Apr. 5/181 DOB N/A 12,000 85,000 Office building Warehouse Apr. 5/18 SL 77,000 Apr. 5/18 SL 55,000 Residual Value $ 5,000 2,000 N/A 17,000 10,000 Useful Life 7,000 units 8 yrs N/A 15 yrs 23,000 20 yrs $ 20,000 9,509 N/A Recoverable Amount $ 8,000 2,950 12,938 "DDB-Double-declining balance; SL-Straight-line; Units Units-of-production; N/A = Not applicable Required: = 101,800 52,500 45,100 1. Record any impairment losses at December 31, 2023. Assume Kane Biotech has recorded no impairment losses in previous years MC View transaction list Record impairment loss on PPE, if any. Note: Enter debits before credits. Date Dec 31, 2023 Prev 8 of 10 Next > General Journal Debit Credit