Reformulating Balance Sheet and Income Statement for an Asset Disposal

In 2015, Winnebago Industries recorded an impairment loss of $462,000 on its corporate plane. We wish to reformulate the companys income statement and balance sheet under the assumption that the plane had been used for the prior five yearssee Analyst Adjustments 6.2 for guidance. The companys tax rate is 30%.

b. For the balance sheet, identify with numbers the adjustments for each of the five years 2011-2015 for:

Accumulated depreciation

Deferred tax

Retained earnings

Please help my understand how to compute. Thank you!

Use a negative sign with your answer to indicate an adjustment decreases the account. Income Statement Adiustments 2011 2012 2013 2014 2015 (462,000) Loss on disposal (reversal) 138,600 Tax Expense (reversal) 323,400 Net Income (reversal) Depreciation Tax Expense Net income (adjustment) Total net income (reversal + adjustment) Use a negative sign with your answer to indicate an adjustment decreases the account. Income Statement Adiustments 2011 2012 2013 2014 2015 (462,000) Loss on disposal (reversal) 138,600 Tax Expense (reversal) 323,400 Net Income (reversal) Depreciation Tax Expense Net income (adjustment) Total net income (reversal + adjustment)