ABC Company was preparing the annual financial statements and, as part of its year-end procedures, prepared the following schedule based on adjusted values at March 31, 2020:
Asset	Cost	Accumulated Depreciation	Recoverable Amount	Residual Value	Depreciation Method	Remaining Life
Furniture	$25,000	$20,000	$10,000	$500	Straight Line	3 years
Computer	$2,000	$1,000	$500	-	Double Declining	5 yeas
Land	$105,000	-	$90,000	N/A	N/A	Unlimited
Machine	$90,000	$25,000	$35,000	$5,000	Straight Line	3 years
N/A = Not applicable
Required
1. Record the entry for any impairment loss assuming that ABC Company recorded no impairment losses in previous years.
2. Record the entry for depreciation on each of the assets at March 31, 2020. Assume there was no change in residual or useful lives regardless of impairment losses.