Luke Top Menswear, Ltd reported net plant and equipment of $1,618,000. These assets cost $2,525,000 with accumulated depreciation taken to date of $907,000. Ba assets might be impaired Luke Top estimates total expected future cash flows from the use of the assets as only $1,310,000 and appraises the fair value of the asselm journal entry necessary to record the impairment Conduct the impairment test for plant and equipment at the end of the year to determine whether Luke Top Menswear's assets are impaired Step 1: Plant and Equipment Impairment Indicated Now, complete step 2 of the impairment test for plant and equipment Select whether step 2 of the test is required on the first line. (If the test is not required, leave all rem exists, then leave only the impairment loss input cell blank in that column.) Step 2: Step 2 required Plant and Equipment Less Impairment Loss Next, if there is an impairment loss, prepare the journal entry necessary to record the impairment. (Record debits first, then credits. Exclude explanations from any journe leave the remaining cells blank Round your answer to the nearest whole dollar). Account Date of Impairment Choose from any list or enter any number in the input fields and then continue to the next question. These assets cost $2,525,000 with accumulated depreciation taken to date of $907,000. Based on recently assessed negative evidence, Luke Top's management concluded that its plan Bows from the use of the assets as only $1,310,000 and appraises the fair value of the assets at $1,015,000. Are the company's assets impaired? If there is an impairment loss, prepare t ar to determine whether Luke Top Menswear's assets are impaired lect whether step 2 of the test is required on the first line (If the test is not required, leave all remaining cells in that column blank. However, if the test is required, but no impairment loss 2) y to record the impairment (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required, select "No entry required" on the first account line and Sle dollar) ate of Impairment Step 1: pament test for plant and equipment at the end of the year to determine whether Luke Top Menswear's assets are impaire Plant and Equipment Impairment Indicated Now, complete step 2 of the impairment test for plant and equipment. Select whether step 2 of the test is required on the first line. (If the tem exists, then leave only the impairment loss input cell blank in that column) Step 2: Step 2 required Plant and Equipment Less Impairment Loss Next, if there is an impairment loss, prepare the journal entry necessary to record the impairment. (Record debits first, then credits. Exclude leave the remaining cells blank. Round your answer to the nearest whole dollar.) Account Date of Impairment Choose from any list or enter any number in the input fields and then continue to the next question. Luke Top Menswear, Ltd. reported net plant and equipment of $1,618,000. These assets cost $2,525,000 with accumulated depreciation taken to datem assets might be impaired. Luke Top estimates total expected future cash flows from the use of the assets as only $1,310,000 and appraises the fair va journal entry necessary to record the impairment. Impairment Indicated Now, complete step 2 of the impairment test for plant and equipment. Select whether step 2 of the test is required on the first line. (If the test is not rom exists, then leave only the impairment loss input cell blank in that column) Step 2: Step 2 required Plant and Equipment Less Impairment Loss Next, if there is an impairment loss, prepare the journal entry necessary to record the impairment. (Record debits first, then credits Exclude explanal leave the remaining cells blank. Round your answer to the nearest whole dollar.) Account Date of Impairment number in the innut fields and then continue to the next