Question 2 [60 points] Northstar Corp. completed all of its April 30, 2015, adjustments in preparation for preparing its financial statements, which resulted in the following adjusted trial balance. a) Prepare the entry (entries) to record any impairment losses at April 30, 2015. Assume the company recorded no impairment losses in previous years. Enter an appropriate description when entering the Adjusted Trial Balance transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Accounts payable. . . $5,100 Equity). Use + for increase and for decrease. For example, if an account decreases equity, choose '-Equity'. Accounts receivable 8,900 General Journal Accumulated depreciation, building....... 37,000 Page Gj1 Effect On Accumulated depreciation, equipment. 17,000 Date Account/Explanation F Debit Balance Sheet Credit Accumulated depreciation, furniture..... 9,600 Allowance for doubtful accounts. 430 Building ......... 64,000 Cash 4,980 Equipment 42,000 b) Prepare a classified balance sheet at April 30, 2015. Expenses, including cost of goods sold 348,000 (select one) Furniture 26,000 Balance Sheet Share capital 27,400 (select one) Land. 51,000 Merchandise inventory.. 16,000 Long-term notes payable 38,000 Retained earnings 43,000 Sales 379,780 Unearned revenue 3,570 1) All accounts have normal balances. 2) $11,900 of the note payable balance is due by April 30, 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. $54,100 Building. 30,100 Equipment 28,100 Furniture_ 13,400