Staples Company completed all of its March 31, 2011, adjustments in preparation for compiling its financial statements, which resulted in the following trial balance.
.0/msohtmlclip1/01/clip_image002.png”>
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.
.0/msohtmlclip1/01/clip_image004.png”>
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.