Kane Biotech 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, 2020:

Required

1. Record any impairment losses at December 31, 2020. Assume Kane Biotech has recorded no impairment losses in previous years.

2. Record depreciation for each asset at December 31, 2021. 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 1,800 units during 2021.

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Recoverable Amount Date of Purchase Deprec. Method Residual Useful Life Accum. Deprec. Asset Cost Value May 1/15 Jun. 28/15 Аpг. Б/15 Apr. 5/15 Apr. 5/15 $ 5,000 2,000 7,000 units 8 yrs $ 8,000 2,950 101,800 52,500 45,100 Equipment Furniture Land Office building $40,000 12,000 $20,000 9,509 Units DDB 85,000 N/A N/A SL SL N/A N/A 23,000 12,938 15 yrs 77,000 17,000 10,000 20 yrs "DDB = Double-declıning-balance; SL = Straight-line; Units = Units-of-production; N/A = Not applicable Warehouse 55,000