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: 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. Qus Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine the amount of impairment lovs. Hote: Enter vour answer in millions rounded to 1 decinal place (i.e 5,500,000 ahoudd be enteres as 5.5 ). Generat 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. Cost Accunulated depreciation General's estimate of the total cash flows to be generated by selling the products manufactured at its Arliona plant, not discounted to present volue 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, prepate the entry to record the loss. 3. 8. 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) 512 million instead of 515 million and (4)$19 million instead of $15 million: (x) 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. Hute. If no entry is regured for a transactionvevent, select "Fo journal entry required" in the first account field. Enter your: answers in thilliens founged to 4 decimal place (d.e, 5,500,000 should be entered as 5.5). (8) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine the amount of impaiment loss assuming that the ectimated undiscounted sum of future cash flows is (3) 512 . Fillion instead of 515 million and (4) 519 millon instead of 515 million. Hote: Enter your answers In mithions rounded to 1 decimal place (f.e., 5,500,000 should be entered as 5,5)
