Kane Biotech was preparing the annual financial statements and, as part of the year-end procedures, assessed the assets and prepared the following alphabetized schedule based on adjusted values at December 31, 2020: (Do not round intermediate calculations. Round final answers to nearest whole dollar.) Asset Equipment Furniture Land Office building Warehouse Date of Purchase May 1/15 Jun. 28/15 Apr. 5/15 Apr. 5/15 Apr. 5/15 Deprec Method Units DDB N/A SL SL Cost $ 45,000 17,000 90,000 87,000 62,500 Residual Value $ 3,750 2,500 N/A 21,500 15,000 Useful Life 7,500 units 8 yrs N/A Accum. Deprec. $ 24,750 13,859 N/A 27,500 17,938 Recoverable Amount $ 6,750 3,450 106,800 57,500 50,100 15 yrs 20 yrs *DDB = Double-declining-balance; SL = Straight-line; Units = Units-of-production; N/A = Not applicable Required: 1. Record any impairment losses at December 31, 2020. Assume Kane Biotech has recorded no impairment losses in previous years. View transaction list View journal entry worksheet Debit General Journal Credit No Date Dec 31, 2020 1 Impairment loss Prev Next > 1 of 3 FY 8 9 R . G . Save & Exit Submit 2. Record depreciation for each asset at December 31, 2021. Assume that there was no change in the residual values or useful lives regardless of any impairment losses that might have occurred. The equipment produced 2,050 units during 2021. View transaction list Journal entry worksheet Record the revised depreciation on equipment, Note: Enter debits before credits General Journal Debit Credit Date December 31, 2021 View general journal Record entry Clear entry Prev 1 of 3 Next > F7 FA 7 8 5. 6 R