Homework: Chapter 12 Homework Score: 0 of 1 pt BE12-3 (similar to) 4 of 10 (9 complete) Fender Top Menswear, Ltd. reported net plant and equipment of $1,622,000. These assets cost $2,512,000 with accumulated depreciation taken to concluded that its plant assets might be impaired. Fender Top estimates total expected future cash flows from the use of the assets as only $1,329,00 If there is an impairment loss, prepare the journal entry necessary to record the impairment. Conduct the impairment test for plant and equipment at the end of the year to determine whether Fender Top Menswear's assets are impaired. Step 1: Plant and Equipment Impairment Indicated Choose from any list or enter any number in the input fields and then click Check Answer Mohammed Alherwi 04/26/21 11:24 PM ork Save 4 of 10 (9 complete) HW Score: 64.83%, 7.78 of 12 pts Question Help These assets cost $2,512,000 with accumulated depreciation taken to date of $890,000. Based on recently assessed negative evidence, Fender Top's management expected future cash flows from the use of the assets as only $1,329,000 and appraises the fair value of the assets at $1,010,000. Are the company's assets impaired? ne impairment. determine whether Fender Top Menswear's assets are impaired. Question Viewer Check Answer then click Check Answer Sections) -: Chapter 12 Homework 4 of 10 (9 complete) to) Ltd. reported net plant and equipment of $1,622,000. These assets cost $2,512,000 with accumulated depreciation taken to date of $890,000. Based on recent assets might be impaired. Fender Top estimates total expected future cash flows from the use of the assets as only $1,329,000 and appraises the fair value of t loss, prepare the journal entry necessary to record the impairment t test for plant and equipment at the end of the year to determine whether Fender Top Menswear's assets are impaired. Plant and Equipment Conduct the impairment test for plant and equipment at the end of the year to determine whether Plant and Equipment Step 1: Carrying value at year-end Discounted future cash flows Fair value at year-end Undiscounted future cash flows Choose from any list or enter any number in the input fields and then click Check Answer. 2 parts remaining