SJV Inc. reported on its balance sheet at December 31, 2018…

SJV Inc. reported on its balance sheet at December 31, 2018 ending inventory of $670,000.  SJV uses LIFO. In its notes to financial statements, the company reported the following:                                                                                     2018                2019 Inventory reported on the balance sheet            670,000           800,000 Value of inventory on FIFO basis                           702,000           840,000   During the year 2019, what is your inference on the direction of input prices for SJV Inc. (choose among the 3 (I, D, or N): I=increased, D=decreased, and N=unchanged). Direction of input prices [1]

A company purchased equipment for $800,000 and has depreciat…

A company purchased equipment for $800,000 and has depreciated it using the straight-line method for the past 5 years when its original life was estimated to be 10 years with a $200,000 residual value. The equipment’s utility to the company has declined because management expects the equipment to generate net cash flows over the remaining years of $300,000. The asset’s fair value at the end of the fifth year is $200,000. If the asset has been impaired, calculate the amount of impairment. (Note: please do not include commas or dollar signs in your response)