Check my work mode: This shows what is correct or Incorrect for the work you have completed so far. It does not indicate completion. Return to question 9 General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant 0.47 points Moorlated depreciation Ceneral's estimate of the total casb ?lows to be generated by selling the products manufactured at ita Arizona plant, sot discounted to present value $38,500,000 14,000,000 15,200,000 The fair value of the Arizona plant is estimated to be $14,000,000 Required: 1. Determine the arrount of impairment loss. 2. If a loss is indicated prepare the entry to record the loss. 3. & 4. Determine the amount of impairment loss assuring that the estimated undiscounted surn of future cash flows is (3) $15,000,000 instead of $16.200,000 and (4) $24,350,000 instead of $16,200.000 Answer is not complete Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Rey 3 and 4 Determine the amount of impaiment loss. (Negative amount should be indicated by a minus sign.) lingirrent loss (10.350.0001 Req2 > Return to question 9 General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Anzona site, an Impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant 0.47 points Noorlated depreciation Ceneral's cetinate of the total casb zlows to be peaerated by selling the products manufactured at its Arizona plant, sot discounted to present value $38,500,000 14,000,000 16,200,000 The fair value of the Arizona plant is estimated to be $14,000,000. Required: 1. Determine the arrount of impairment loss. 2. If a loss is indicated prepare the entry to record the loss 3. & 4. Determine the amount of impairment loss assuring that the estimated undiscounted sumn of future cash flows is (3) $15,000,000 instead of $16,200,000 and (4) $24,350,000 instead of $16,200,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Rey 3 and 4 If a loss is indicated, prepare the entry to record the loss. (If no entry is required for a transaction/event, select "No joumal entry required in the first account field. Enter your answers in whole dollars.) No Event Credit 1 1 General Journal Loss on impairment Accumulated depreciation Flent assets Debit 5.850,000 14800,000 Check my work mode: This shows what is correct or Incorrect for the work you have completed so far. It does not indicate completion. Return to question 9 General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Anzona site, an Impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant 0.47 Ainds Coss rocurated depreciation Ceneral's cetinate of the total casb zlows to be peaerated by selling the products manufactured at its Arizona plant, sot discounted to present value $ 38,500,000 11,000,000 16,200,000 The fair value of the Arizona plant is estimated to be $14,000,000. Required: 1. Determine the arrount of impairment loss. 2. If a loss is indicated prepare the entry to record the loss 3.& 4. Determine the amount of impairment loss assuring that the estimated undiscounted sum of future cash flows is (3) $15,000,000 instead of $16,200,000 and (4) $24,350,000 instead of $16,200,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Rey 1 Reg 2 Rey 3 and 4 Determine the amount of impaiment loss assuming that the estimated undiscounted sum of future cash flows is (3) $15,000,000 instead of $16,200,000 and (4) $24,350,000 instead of $16,200,000. (Negative amounts should be indicated by minus sign.) Impairment loss Impairment loss
