In January 2010, Trenton Tents Ltd. paid $345,000 for equipment that had an estimated useful life of

Question:

In January 2010, Trenton Tents Ltd. paid $345,000 for equipment that had an estimated useful life of 16 years and an expected residual value of $25,000. At the end of 2014, an appraisal of the equipment indicated a market value of $200,000 and a residual value of $13,000. Determine
(a) The annual depreciation expense to 2014
(b) The equipment's carrying amount at December 31, 2014.
(c) Journalize the impairment loss.