1. Prepare the entry (entries) to record any impairment losses on October 31, 2020. Assume the company recorded no impairment losses in previous years. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)

Journal Entry 1: Record impairment loss on equipment.

Journal Entry 2: Record impairment loss on furniture.

Journal Entry 3: Record impairment loss on Land.

Journal Entry 4: Record impairment loss on Building.

Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Account Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Equipment Expenses, including cost of goods sold Furniture Land Merchandise inventory Note payable Sales Tarifa Sharma, capital Unearned revenues Balance $ 12,520 21,100 80,500 38,700 22,200 1,010 137,700 12,300 91,500 762,500 51,250 106,250 35,850 86,450 904,070 63,780 9,220 Other information: 1. All accounts have normal balances. 2. $27,700 of the note payable balance is due by October 31, 2021. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Asset Land Building Equipment Furniture Recoverable Value $ 137,700 106,900 29,900 16,700 2. Prepare a classified balance sheet at October 31, 2020. (Be sure to list the current assets in the order of liquidity and fixed assets in order of land, building, equipment, and furniture. Enter all amounts as positive values.) $ 12,300 21.100 $ 33.400 SAFETY-FIRST COMPANY Balance Sheet October 31, 2020 Assets Current assets: Cash Accounts receivable $ 21.100: Less: Allowance for doubtful accounts Merchandise inventory Total current assets Property, plant and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Furniture Less: Accumulated depreciation Total property, plant and equipment Total assets Liabilities 0 0 0 0 $ 33,400 Current liabilities: $ 0 Total current liabilities Non-current liabilities: Total liabilities $ 0 Equity Total liabilities and equity 0