General Optic Corporation operates a manufacturing plant in Arizon: the assets at the plant cost Accumulated depreciation General's estinate of the total cash flows to be generated by selling the products manufactured at its Arizona plant, not discounted to present value The fair value of the Arizona plant is estimated to be $11 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) $12 million instead of $15 million and (4) $19 million instead of $15 million. (\$) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine the amount of impalrment loss. Note: Enter your answer in millions rounded to 1 decimal place (1.e,5,500,000 should be entered as 5.5). 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 apgrcpilate. Management has acquired the following information for the assets at the plant: Cost Accumulated depreciation General"s estimate of the total cash flows to be generated by sellig the products ieanufactured at its Arizona plant, not discounted to present whlue. 5.32.5aillion514.2million$15million The fair value of the Arizona plant is estimated to be $11 million Required: 1. Determine the amount of impairment loss. 2. If a loss is indicated, prepare the entry to fecord the loss. 3. \& 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is ( 3 ) 512 million instead of $15 million and (4) $19 million instead of $15 million. 8 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 millions rounded to 1 decimal place (1,e,5,500,000 should be entered as 5.5). General Optic Corporation operates a manufacturing plant in Anizon manufactured at the Arizona site, an impairment test is deemicd apprit syincint decline in demand for the product the assets at the plant: Cost Accumulated depreciation General's estiwate of the total cash flows to be genersted by selling the products manufactured at its Arirona plant, not discounted to present value The fair value of the Arizona plant is estimated to be $11 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) 512 million instead of $15 million and (4) 519 milion instead of $15 million. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) 512 . million instead of $15 million and (4)$19 millon instead of $15 million. Note: Finter your answers in millions rounded to I decimal piace (1,e,5,500,000 should be entered as 5,5)
