Question 1 [20 points] Oppong Corporation was preparing the annual financial statements and, as part of the year-end procedures, assessed the assets and prepared the following alphabetized schedule based on adjusted values at December 31, 2015: Date of Deprec. Residual Accum. Recoverable Asset Purchase Method Cost Value Useful Life Deprec. Amount Equipment Apr. 5/10 Units $40,000 $4,000 6,000 units $15,000 $11,000 Furniture Jun. 25/10 DDB 11,000 1,000 8 yrs 8,716 4,000 Land Aug. 1/10 N/A 82.000 N/A N/A N/A 99,000 Office building Mar. 2/10 SL 66,000 18,000 16 yrs 17,500 52,000 Warehouse Feb. 1/10 SL 136,400 11,000 19 yrs 39,050 99,000 *DDB = Double-declining balance; SL = Straight-line; Units = Units-of-production; N/A = Not applicable a) Record any impairment losses at December 31, 2015. Assume Oppong Corporation has recorded no impairment losses in previous years. General Journal Page Gj1 Effect On Date Account/Explanation F Debit Credit Balance Sheet b) Record depreciation for each asset at December 31, 2016. Assume that there was no change in the residual values or useful lives regardless of any impairment losses that might have occurred. The equipment produced 1,700 units during 2016. Please make sure your final answer(s) are accurate to the nearest whole number. General Journal Pane G. 1 Fffect on a) Record any impairment losses at December 31, 2015. Assume Oppong Corporation has recorded no impairment losses in previous years. General Journal Page Gj1 Effect On Date Account/Explanation F Debit Credit Balance Sheet b) Record depreciation for each asset at December 31, 2016. Assume that there was no change in the residual values or useful lives regardless of any impairment losses that might have occurred. The equipment produced 1,700 units during 2016. Please make sure your final answer(s) are accurate to the nearest whole number. General Journal Page Gj1 Effect On Date Account/Explanation F Debit Credit Balance Sheet +