Blossom Snowboarding Company, a public company, purchased equipment on January 10, 2017, for $600,000. At that time, management estimated that the equipment would have a useful life of 10 years and a residual value of $50,000. Blossom uses the straight-line method of depreciation and has a December 31 year end. Blossom tested the equipment for impairment on December 31, 2021, after recording the annual depreciation expense. It was determined that the equipments recoverable amount was $265,000, and that the total estimated useful life would be eight years instead of 10, with a residual value of $10,000 instead of $50,000.

Blossom Snowboarding Company, a public company, purchased equipment on January 10, 2017, for $600,000. At that time, management estimated that the equipment would have a useful life of 10 years and a residual value of $50,000. Blossom uses the straight-line method of depreciation and has a December 31 year end. Blossom tested the equipment for impairment on December 31, 2021, after recording the annual depreciation expense. It was determined that the equipment's recoverable amount was $265,000, and that the total estimated useful would be eight years instead of 10, with a residual value of $10,000 instead of $50,000. 2018 s Calculate the annual depreciation expense for the years 2017 to 2021 and the carrying amount at December 31, 2021. Depreciation Carrying Expense Amount 2017 $ $I 2019 s $1 2020 $ $ 2021 si $ Record the impairment loss, if any, on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31, 2021 (To record impairment loss on equipment.) What will appear on Blossom's 2021 income statement with regard to this equipment? Blossom Snowboarding Company Income Statement (Partial) For the Year Ended 2021 What will appear on Blossom's 2021 balance sheet with regard to this equipment? Blossom Snowboarding Company Balance Sheet (Partial) Assets Assuming no further impairments or recoveries, calculate the annual depreciation expense for the years 2022 to 2024. (Round depreciation rate to 2 decimal places, e.g. 15.75 and final answers to o decimal places, e.g. 5,275.) Depreciation Expense 2022 2023 2024