Question 1 [20 points] United Corporation 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, 2015: Date of Deprec. Residual Accum. Recoverable Asset Purchase Method* Cost Value Useful Life Deprec. Amount Equipment Sep. 3/10 Units $47,000 $7,000 8,000 units $15,000 $22,000 Furniture Sep. 26/10 DDB 15,000 1,000 8 yrs 11,663 6,000 Land Nov. 3/10 N/A 87,000 N/A N/A N/A 105,000 Office building Sep. 2/10 SL 103,400 17,000 16 yrs 28,800 78,000 Warehouse Jan. 4/10 SL 121,400 11,000 23 yrs 28,800 96,000 *DDB = Double-declining balance; SL = Straight-line; Units = Units-of-production; N/A = Not applicable a) Record any impairment losses at December 31, 2015. Assume United Corporation has recorded no impairment losses in previous years. General Journal Page Gj1 Effect On Date Account/Explanation F Debit Credit Balance Sheet b) Record depreciation for each asset at December 31, 2016. 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 1,800 units during 2016. Please make sure your final answer(s) are accurate to the nearest whole number. a) Record any impairment losses at December 31, 2015. Assume United Corporation has recorded no impairment losses in previous years. General Journal Page Gj1 Effect On Date Account/Explanation Debit Credit Balance Sheet F + = b) Record depreciation for each asset at December 31, 2016. 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 1,800 units during 2016. Please make sure your final answer(s) are accurate to the nearest whole number. General Journal Account/Explanation Page Gj1 Credit Effect On Balance Sheet Date F Debit +