General Optic Corporation operates a marnufacturing 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 estinate of the total cash flows to be generated by selising the products manufactured at its Arizona plant, not discounted to present value 5. 32.5 million 514.2 million \$ 15 militon The fair value of the Arizona plant is estumated to be $11 milion. Required: 1. Determine the amount of impaiment loss. 2 If o 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 insteed of $15 miltion. Complete this question by entering your answers in the tabs below. Determine the amount of imparment loss. Note: Enter your answer in mallions rounded to 1 decamal place (i,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 appropriate. Management has acquired the following information for the assets at the plant Cost 532,5million514,2million515mi11ion AccumulateddepreciationGeneralsestinateofthetotalcashflowstobegeneratedbysellingtheproducts 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 (S) $12million instead of $15 million and (4) \$19 million instead of $15 miltion. 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 (i.e, 5,500,000 should be entered as 5.5). Journal entry worksheet If a loss is indicated, prepare the entry to record the loss. Note: Enter debits before crodits. General Optic Corporation operates a manufacturing plant in Arzona. 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 Arizona plant, not discounted to present value 532.5 nillion 5 14.2 milition \$. 15 million 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) $12million instead of $15 million and (4) $19 million instead of $15 million. 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) $12 million instead of $15 million and (4) \$19 million instead of \$15 million. Note: Enter your answers in millions rounded to 1 decimal place ( 0.6,5,500,000 should be entered as 5.5). General Optic Corporation operates a marnufacturing 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 estinate of the total cash flows to be generated by selising the products manufactured at its Arizona plant, not discounted to present value 5. 32.5 million 514.2 million \$ 15 militon The fair value of the Arizona plant is estumated to be $11 milion. Required: 1. Determine the amount of impaiment loss. 2 If o 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 insteed of $15 miltion. Complete this question by entering your answers in the tabs below. Determine the amount of imparment loss. Note: Enter your answer in mallions rounded to 1 decamal place (i,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 appropriate. Management has acquired the following information for the assets at the plant Cost 532,5million514,2million515mi11ion AccumulateddepreciationGeneralsestinateofthetotalcashflowstobegeneratedbysellingtheproducts 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 (S) $12million instead of $15 million and (4) \$19 million instead of $15 miltion. 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 (i.e, 5,500,000 should be entered as 5.5). Journal entry worksheet If a loss is indicated, prepare the entry to record the loss. Note: Enter debits before crodits. General Optic Corporation operates a manufacturing plant in Arzona. 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 Arizona plant, not discounted to present value 532.5 nillion 5 14.2 milition \$. 15 million 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) $12million instead of $15 million and (4) $19 million instead of $15 million. 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) $12 million instead of $15 million and (4) \$19 million instead of \$15 million. Note: Enter your answers in millions rounded to 1 decimal place ( 0.6,5,500,000 should be entered as 5.5)