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Question 16 (5 points) Balance Corporation assessed its assets and prepared the following schedule at its March 31, 2021 year end. Asset Cost Recoverable Amount

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Question 16 (5 points) Balance Corporation assessed its assets and prepared the following schedule at its March 31, 2021 year end. Asset Cost Recoverable Amount Equipment Building Vehicles Warehouse $290,000 580,000 190,000 355,000 Accumulated Depreciation $120,000 295.000 128.000 160,000 $175,000 288,000 50,000 182,000 REQUIRED: Prepare the journal entry to record any impairment losses at March 31, 2021. Assume the company recorded no impairment losses in previous years. Format B U GENERAL JOURNAL DEBIT CREDIT

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