ainbow Optic Corporation operates a manufacturing plant in New York. Due to a significant decline in demand for the product manufactured at the New York site, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant: Cost $35,000,000 Accumulated depreciation 15,600,000 Rainbow's estimate of the total cash flows to be generated by selling the products manufactured at its New York plant, not discounted to present value 14,800,000 The fair value of the New York plant is estimated to be $12,000,000. Required: 1. Determine the amount of impairment loss, if any. 2. If a loss is indicated, where would it appear in Rainbow Optic's multiple-step income statement? 3. If a loss is indicated, prepare the entry to record the loss. 4. Repeat requirement 1 assuming that the estimated undiscounted sum of future cash flows is $14,000,000 instead of $14,800,000. 5. Repeat requirement 1 assuming that the estimated undiscounted sum of future cash flows is $20,000,000 instead of $14,800,000