Question 1 [20 points] Vision Consulting Inc. 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 Oct. 2/10 Units $56,000 $8,000 6,000 units $8,000 $23,000 Furniture Nov. 28/10 DDB 11,000 2.000 8 yrs 8,445 6,000 Land Nov. 4/10 N/A 90,000 N/A N/A N/A 110,000 Office building Sep. 2/10 SL 96,000 15,000 15 yrs 28,800 69,000 Warehouse Sep. 5/10 SL 62,000 8.000 15 yrs 19,200 46,000 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 Vision Consulting Inc. 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 1,700 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 Vision Consulting Inc. 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 1,700 units during 2016. Please make sure your final answer(s) are accurate to the nearest whole number. General Journal Page Gj1 Effect On Date Account/Explanation Debit Credit Balance Sheet + - + =