Ludwig Inc. completed all of its March 31, 2015, adjustments in preparation for preparing its financial statements, which resulted in the following adjusted trial balance. Adjusted Trial Balance a) Prepare the entry (entries) to record any impairment losses at March 31, 2015. Assume the Accounts payable company recorded no impairment losses in previous years. Enter an appropriate description $5,400 when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. Accounts receivable 8,900 January 15 would be 15/Jan). For each journal entry, indicate how each account affects the Accumulated depreciation, building, 37,000 balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, Accumulated depreciation, equipment. 16,800 if account decreases equity, choose '-Equity'. Accumulated depreciation, furniture 9,700 General Journal Page Gj1 Effect On Allowance for doubtful accounts 370 Date Account/Explanation F Debit Credit Balance Sheet Building 63,000 Cash 5,000 Equipment 42.000 Expenses, including cost of goods sold 347,000 Furniture 24,000 Share capital 26,400 b) Prepare a classified balance sheet at March 31, 2015. Land 46,000 (select one) Merchandise inventory 15,800 Balance Sheet Long-term notes payable 39,000 (select one) Retained earnings 40,000 X Sales 373,430 Unearned revenue 3,600 X 1) All accounts have normal balances. 2) $11,900 of the note payable balance is due by March 31, 2016. Thiline FtwwITANIE Building. 63.000 Cash 5,000 Equipment 42.000 Expenses, including cost of goods sold 347,000 Furniture 24,000 Share capital 26,400 Land 46,000 Merchandise inventory 15,800 Long-term notes payable 39,000 Retained earnings 40,000 Sales 373,430 Unearned revenue 3,600 b) Prepare a classified balance sheet at March 31, 2015. (select one) Balance Sheet (select one) X XI 1) All accounts have normal balances. 2) $11,900 of the note payable balance is due by March 31, 2016. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Asset Recoverable Value Land $48,100 Building 27,100 Equipment 26.300 Furniture_... 13,300