Question 2 [60 points] Holden Corp. completed all of its January 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 January 31, 2015. Assume the company recorded no impairment losses in previous years. Enter an appropriate description when entering the transactions in the Accounts payable $4,900 journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). For each journal entry, Accounts receivable 9,300 indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for Accumulated depreciation, building. 38,000 decrease. For example, if an account decreases equity, choose '-Equity'. Accumulated depreciation, equipment... 16,700 General Journal Page Gj1 Effect On Accumulated depreciation, furniture.... 9,400 Account/Explanation F Debit Credit Balance Sheet Allowance for doubtful accounts.......... 430 Building 64,000 Cash 4,990 Equipment 42,000 Expenses, including cost of goods sold 343,000 Furniture 24,000 b) Prepare a classified balance sheet at January 31, 2015. Share capital.. 30,400 (select one) Land 50,000 Balance Sheet Merchandise inventory... 15,900 (select one) Long-term notes payable 41,000 Retained earnings 39,000 Sales 369,750 Unearned revenue 3,610 1) All accounts have normal balances. 2) $12,100 of the note payable balance is due by January 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 $52,100 Building.... 24,000 Equipment 27,400 Furniture. 16,700