Exercise 11-30 (Algo) Impairment; property, plant, and equipment [LO11-8] 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 oppropriate. Management has acquired the following information for the assets at the plant: Cost Accumulated depreciation Ceneral's estimate of the total cash thow to be generated by solling the prodocta 35.5minionCim.5nitilon manufactured at ita hrizona plant, not discounted to preaent value The fair value of the Arizona plant is estimated to be $12.5 million. Required: 1. Determine the amount of impairment loss. 2. If a loss is indicated, prepare the entry to record the loss. 3. \& 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $13.5 million instead of $15.6 million and (4) $21.25 million instead of $15.6 million. Determine the amount of impairment loss. Note: Enter your answer in pillions rounded to 1 decimal place (i.e, 5,500,000 should be entered as 5.5), If a loss is indicated, prepare the entry to record the loss. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in milions rounded to 1 decimal place (l.e., 5,500,000 should be entered as 5.5 ). Journal entry worksheet If a loss is indicated, prepare the entry to record the loss. Note: Enter dobits before credits. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is ( 3 ) $13.5 million instead of $15.6 million and (4)$21.25 million instead of $15.6 million. Note: Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)