Question 1 (20 points] Velor 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 Feb. 1/10 Units $49,000 $4,000 9,000 units $10,000 $25,000 Furniture Jun. 27/10 DDB 12,000 1,000 8 yrs 9,509 5.000 May 2/10 NA 80,000 N/A N/A NA 95,000 Office building Mar. 1/10 SL 116,000 17,000 15 yrs 38,500 81,000 Warehouse Feb. 3/10 SL 160,000 10,000 25 yrs 35,500 126,000 Land *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 Velor 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 1,800 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 +