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. Accounts payable Accounts receivable, Account 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 $ 11,220 19,800 79,200 37,400 20,900 880 136,400 11,000 90,200 761,200 50,600 105,600 35,200 85,800 904,200 62,480 7,920 Other information; 1. All accounts have normal balances. 2. $26,400 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 $136,400 105,600 28,600 15,400 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 < 1 2 3 4 Record impairment loss on equipment. Note: Enter debits before credits. Date Oct 31, 2020 General Journal Debit Credit 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: Total current assets Property, plant and equipment: Total property, plant and equipment Total secate O 0 0 10 $ 0 0 S n Next