Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Account Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Equipment Expenses, including cost of goods sold Furniture Land Merchandise inventory Note payable Sales Tarifa Sharma, capital Unearned revenues Balance $ 13,220 21,800 81,200 39,400 22,900 1,080 138,400 13,000 92,200 763,200 51,600 106,600 36,200 86,800 904,000 64,480 9,920 Other information: 1. All accounts have normal balances. 2. $28,400 of the note payable balance is due by October 31, 2021. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Asset Land Building Equipment Furniture Recoverable Value $ 138,480 107,600 30,600 17,400 Required: 1. Prepare the entry (entries) to record any impairment losses at October 31, 2020. Assume the company recorded no impairment losses in previous years. (If no entry is required for a transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 1 > Record impairment loss on equipment. Note: Enter debits before credits. General Journal Debit Credit Date Oct. 31, 2020 Record entry Clear entry View general journal 2. Prepare a classified balance sheet at October 31, 2020. (Be sure to list the current assets in the order of liquidity and fixed assets in order of land, building, equipment, and furniture. Enter all amounts as positive values.) SAFETY-FIRST COMPANY Balance Sheet October 31, 2020 Assets Current assets: 0 S 0 Total current assets Property, plant and equipment: 0 0 0 0 Total property, plant and equipment Total assets S 0 Liabilities Current liabilities: S 0 Total current liabilities Non-current liabilities: Total liabilities S Equity Total liabilities and equity S 0