8. As part of its December 31, 2021 year end procedures, Genuine Manufacturing Inc. is zos evaluating its assets for impairment. It has recorded no impairment losses for the previous years. The following is the Property, Plant, and Equipment schedule showing adjusted balances as at December 31, 2021. Date of Asset Depreciation Estimated Estimated Cost Recoverable Accumulated purchase method residual useful life depreciation amount Land Sep. 1/2020 N/A $100,000 N/A N/A N/A $115,000 Building Dec. 1/2020 Straight-line $890,000 $250.000 20 years $34,667 $870,000 Machinery Dec. 1/2020 Straight-line S400,000 $150,000 10 vears $27.083 $350.000 Instructions: a. Record any impairment losses at December 31, 2021. b. Record depreciation expense for the year ended December 31, 2022 assuming no changes in the estimated residual values or estimated useful lives of the assets