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Flynn Company purchased a building for $400,000. At the end of the current year, the book value of the building is $220,000 and its fair
Flynn Company purchased a building for $400,000. At the end of the current year, the book value of the building is $220,000 and its fair value is $180,000. Assuming the building is rented to a tenant, the sum of future cash flows from the rental of the building is expected to be $160,000. What is the amount of impairment loss?
A. $0
B.$20,000
C. $40,000
D.$120,000
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