1995 B #6 IV. In 2013, Yorkshire Company purchased land and a building at a cost of $700,000, of which $150,000 was allocated to the land and $550,000 was allocated to the building. As of December 31, 2017, the accounting records related to these assets were as follows: Land $150,000 Building 550,000 Accumulated Depreciation, Building 150,000 On January 1, 2018, it is determined that there is toxic waste under the building and the future cash flows associated with the land and building are less than the recorded total carrying amount for those two assets. The estimated value in use of the land and building together is $100,000. The net fair value of the land and building together is now only $120,000, of which $50,000 is land and $70,000 is the building. Instructions: How should this impairment in value be recognized? Make the entry on January 1, 2018, to record the impairment of the land and building. (12%) B #6 V. Lihue Enterprises issued $1.5 million, 9%, 20-year bonds on November 1, 2017. Interest payment dates are May 1 and November 1. The bonds were sold at face value. Instructions (20%) 1. Provide the journal entry to record the initial issuance of the bonds. 2. Provide the required journal entry on December 31, 2017. 3. Provide all journal entries relating to the bonds made during 2018