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Vision Consulting Inc. was preparing the annual financial statements and, as part of the year-end procedures, assessed the assets and prepared the following alphabetized schedule
Vision Consulting Inc. 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 Nov. 1/10 Units $59,000 $3,000 8,000 units $10,500 $22,500 Furniture Jan. 27/10 DDB 15,000 1,000 10 yrs 10,986 8,000 Land Apr. 4/10 NA 85,000 N/A N/A N/A 102,000 Office building Jan. 5/10 SL 108,000 18,000 15 yrs 36,000 74,000 Warehouse Jan. 5/10 SL 136,000 10,000 21 yrs 36,000 102,000 *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 Vision Consulting Inc. 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 1,600 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 += +
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