Solved by verified expert :Staples Company completed all of its March 31, 2011, adjustments
in preparation for compiling its financial statements, which resulted in the
following trial balance.
Other
information:
1.
All accounts have normal balances.
2.
$61,000 of the mortgage balance is due beyond March 31, 2012.
The final
task in the year-end process was to assess the assets for impairment, which
resulted in the following schedule.
Required
1. Prepare the entry (entries) to record any impairment losses
at March 31, 2011. Assume the company recorded no impairment losses in
previous years.
