Record Journal Entries and adjusting Entries

1. On December 31 the Company determined that a fixed asset with a Net Book Value of $20,000 was impaired and needed to be adjusted. The fair value of the asset was determined to be $8,000 based on a future cash flow analysis that determined it could general $9,000 in cash for its remaining life.
2. During the year the company sold 5000 units of inventory at $1,200 each. (Sold 1000 units on Feb 1, Sold 2000 units on May 1, sold 500 units on Aug 1, and 1500 units Dec 1) The company uses FIFO.

3. Date Purchased		Units	Unit Costs
   10/1/2015		1000	800
   11/15/2015		1500	810
   1/15/2016		1000	815
   2/20/2016		2500	820
   5/10/2016		3000	830
   8/22/2016		1000	850
   10/15/2016		2000	850
   12/10/2016		3000	860