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 pland: Cost Recunalated deprediation Ceseral's entinate of the total casl flowa to bo generated by gelling. the produeta manufactuted at its Arizons plant, ndt discounted to present value The fair value of the Arizona plant is estimated to be $16.0 million. Required: 1. Determine the amount of impairment loss. 2. If a loss is indicated, prepare the entry to record the loss. 3. 8 4. Determine the amount of impaiment loss assuming that the estimated undiscounted sum of future cash flows is (3) $16.0 million instead of $17.0 million and (4) $27.95 million instead of $17.0 million. Complete this question by entering your answers in the tabs below. Determine the amount of impairment loss. Note: Enter your ansner in milliens rounded to 1 decimal place (i,e,4,5500,000 should be entered as 5.5)