Question 6 [60 points] Ludwig Inc. completed all of its August 31, 2024, adjustments in preparation...

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Question 6 [60 points] Ludwig Inc. completed all of its August 31, 2024, adjustments in preparation for preparing its financial statements, which resulted in the following adjusted trial balance. a) Prepare the entry (entries) to record any impairment losses at August 31, 2024. Assume the company recorded no impairment losses in previous years. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, if an account decreases equity, choose '-Equity'. Page GJ1 General Journal Account/Explanation F Debit Credit Adjusted Trial Balance Accounts payable... Accounts receivable. Accumulated depreciation, building.. $5,100 9,300 38,000 Accumulated depreciation, equipment... 17,100 Date Accumulated depreciation, furniture... 9,300 Allowance for doubtful accounts. 380 Building.. 60,000 Cash 5,000 Equipment 42,000 Expenses, including cost of goods sold 345,000 Furniture b) Prepare a classified balance sheet at August 31, 2024. 22,000 (select one) Share capital 28,400 Land 45,000 Balance Sheet (select one) Merchandise inventory.. 16,000 Long-term notes payable... 37,000 Retained earnings.. 38,000 Sales 367,430 Unearned revenue.. 3,590 Effect On Balance Sheet 1) All accounts have normal balances. 2) $11,900 of the note payable balance is due by August 31, 2025. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Asset Recoverable Value Land $48,100 Building... 20,000 Equipment 26,000 Furniture 14,800 Question 6 [60 points] Ludwig Inc. completed all of its August 31, 2024, adjustments in preparation for preparing its financial statements, which resulted in the following adjusted trial balance. a) Prepare the entry (entries) to record any impairment losses at August 31, 2024. Assume the company recorded no impairment losses in previous years. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, if an account decreases equity, choose '-Equity'. Page GJ1 General Journal Account/Explanation F Debit Credit Adjusted Trial Balance Accounts payable... Accounts receivable. Accumulated depreciation, building.. $5,100 9,300 38,000 Accumulated depreciation, equipment... 17,100 Date Accumulated depreciation, furniture... 9,300 Allowance for doubtful accounts. 380 Building.. 60,000 Cash 5,000 Equipment 42,000 Expenses, including cost of goods sold 345,000 Furniture b) Prepare a classified balance sheet at August 31, 2024. 22,000 (select one) Share capital 28,400 Land 45,000 Balance Sheet (select one) Merchandise inventory.. 16,000 Long-term notes payable... 37,000 Retained earnings.. 38,000 Sales 367,430 Unearned revenue.. 3,590 Effect On Balance Sheet 1) All accounts have normal balances. 2) $11,900 of the note payable balance is due by August 31, 2025. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Asset Recoverable Value Land $48,100 Building... 20,000 Equipment 26,000 Furniture 14,800