Case 1: KIWICO Co. (questions 1-5) KWICO Co. elects to depreciate all equipment on a straight-line basis. The company reports on an annual bosts. There are 30 days in each month. The fiscal year ends on the 31" of December Equipment On 01-01-2016, KIWICO Co. buys Equipment A for 81 000 and Equipment for C15 000. The recoverable value of Equipment A approadmates the carrying amount at 31-12-2016 and 31-12-2017. On 31-12-2018 the accumulated depreciation of Equipment A is 24 300 and the recoverable value of the equipment is determined to be 49 000. The recoverable value of Equipment Copproximates the carrying amount from 2016 to 2019. On 01-01-2020 when the accumulated depreciation of Equipment C is 6000 KIWICO Co sells Equipment for 10 100 cash On 01-04-2020 KIWICO Co. purchases Equipment B for 97 000 on account. The equipment is expected to have a 9-year life with a residual value of 11680. Land On 01-01-2020, KIWICO Co purchases land for 1 180 000. The company pays 10 000 to tear down a bullding on the land. Salvage is sold for 6500. Legal fees of 7 300 are pold for title Investigation and making the purchase. KIWICO Co. Olso builds a private parking lot at a cost of 8600 Prepare the journal entry to report the impairment of Equipment A on 31-12-2018. Account Debit Credit Select + Add o journal entry