I need help on all of these questions please.

Question 2 (ASPE) Timmons Limited built a plant facility and started commercial production in July 2016. The plant facility had a capital cost of $4,800 000, and equipment in the plant had a cost of $3,875,000 Both of these capital assets were depreciated, starting in 2016, on a straight-line basis assuming & residual value of 10% of the original cost. a 20-year useful life for the plant facility and an eight-year useful life for the equipment. Timmons claimed a half-year worth of depreciation in 2016 In December 2020, the market for Timmons' products declined precipitously because of a significant improvement in similar new competing products that are being sold for a lower price Operations in the plant were temporarily suspended while inventory was reduced The plant facility and the equipment are being re-tooled and Improved in order to reduce the production costs. Assume that the plan at facility and the equipment are an asset group for the purposes of determining a write down, if any The fair value of this asset group is $3 499.080 If the asset group were sold, Timmons would incur a 2% brokerage fee along with legal and other selling costs of $144,000. The following probability-weighted future cash flow information is available (assume all cash flows occur at the end of the year, unless otherwise noted) Jan2021 Dec2021 Dec2022 Dec2023 Dec2024 Dec2025 CASH FLOWS Sales revenue 1,300,000 1,300,000 1,300,000 1,300,000 1,300,000 Cost of goods sold (650,000) (650,000 (650,000) (650,000) (650,000 Other operating costs (29 000 (29,000 (29,000) (29,000) (89,000) Retool (paid, Jan. 1, 2021 (200,000) Residual value C O 1,250,000 (200,000) 621,000 621,000 621,000 621,000 1,811,000 The relevant discount rate is 7%. Because of the various changes in the business, Timmons anticipates that it will now use the plant facility and equipment until December 2025, after which it will sell the capital assets for their residual value as noted in the cash flows. REQUIRED Calculate the net book value of the plant and equipment at the end of 2020, before retooling costs. 2. Outline ASPE's recognition criteria for an impairment loss on capital assets. 3 Is the carrying amount of the plant facility and equipment "recoverable"? Justify and explain your answer. Show your work.4 your work Prepare the relevant journal entry(s) to record the write down(s) for this asset group. Show 5. Under ASPE, can this impairment write down be reversed? Briefly explain. Question 3/ERS) Refer back to the information given in Question #2 above. Assume the assets are being accounted for under the cost model (as opposed to the revaluation model). Answer the following questions: 1. Under IFRS, what is the equivalent terminology for an "asset group" when considering by plant and equipment? Do not sige an abbreviation. 2 What is the definition of "recoverable amount" CGU in this question. Show your work mount"? Compute the recoverable amount of the Ignore your answer to part 2 Assume the "value in use" amount for this CGU is $3, 400,000. Prepare the journal entry to record the write down of this CGU 4 write down be reversed?Question 4 Read the article entitled "Lies, Damned Lies, and Managed Earnings The crackdown is here". It is posted on Canvas at the bottom of the Assignments section in the Assignments tab. In one part of the article, Harvey Goldschmid makes a couple of comments regarding "cookie jar reserves", Explain to an unsophisticated investor what Goldschmid is saying. For example: 1. Why would it be more difficult to fairly value a company? Consider how earnings are used in valuations of businesses. Etc. 2. What does he mean by "dim the signals"? What signals do financial statements give? How would a user identify such signals in financial statements? How do "cookie jar reserves" dim those signals? Etc