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: Cost Accum General's estimate of the total cash flows to be generated by selling the products $47,500,000 15,700,000 18,000,000 ulated depreciation manufactured at its Arizona plant, not discounted to present value The fair value of the Arizona plant is estimated to be $18,500,000 Required 1. & 2. Determine the amount of impairment loss. If a loss is indicated, where would it appear in General Optic's multiple-step income statement? 3. If a loss is indicated, prepare the entry to record the loss 4. & 5. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is $18,500,000 instead of $18,000,000 and $32,250,000 instead of $18,000,000 Complete this question by entering your answers in the tabs below Req 1 and 2 Req 3 Req 4 and 5 If a loss is indicated, prepare the entry to record the loss. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list View journal entry worksheet