E 10-18 LO 6 Asset Impairment 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. Building Accumulated Depreciation, Building $150,000 550,000 150,000 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 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. How should this impairment in value be recognized? Make the entry on January 1, 2018, to record the impairment of the land and building.