Problem 9-14A Depreciation and impairment losses LO1, 2, 3,5 Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Account Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Equipment Expenses, including cost of goods sold Furniture Land Herchandise inventory Note payable Sales Tarita Sharma, capital Unearned revenues Balance $ 11, 520 20, 100 79.500 37, 700 21,200 910 136, 700 11, 300 90, 500 761,500 50, 750 105, 750 35, 350 85,950 904, 170 62, 780 8,220 Other information: 1. All accounts have normal balances. ? $26 700 of the note payable balance is due by October 31, 2021 The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Asset Land Building Equipment Furniture Recoverable Value $ 136,700 105,900 28,900 15,700 Required: 1. Prepare the entry (entries) to record any impairment losses at October 31, 2020. Assume the company recorded no impairment losses in previous years. (If no entry is required for a transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record impairment loss on equipment. Record impairment loss on furniture. Note: Enter debits before credits. Date General Journal Debit Oct. 31,2020 Record entry Clear entry Record impairment loss on Land. Note: Enter debits before credits. Date General Journal Debit Oct. 31, 2020 View ge Record entry Clear entry Record impairment loss on Building. Note: Enter debits before credits. Date General Journal Debit Oct. 31, 2020 View Record entry Clear entry Check my wc 2. Prepare a classified balance sheet at October 31, 2020. (Be sure to list the current assets in the order of liquidity and fixed ossets in order of land, building, equipment, and furniture. Enter all amounts as positive values.) SAFETY-FIRST COMPANY Balance Sheet October 31, 2020 Assets Current assets 0 S 0 Total current assets Property, plant and equipment 0 0 0 0 0 0 Total property, plant and equipment Total assets $ 0 Liabilities Current liabilities $ $ Total current liabilities Non-current liabilities: $ 0 Total liabilities Equity S 0 Total liabilities and equity