need 12-1 and 12-2 answered

E12-1. Tangible Asset Impairment. Henne Optical Corporation reported the following information regarding long-term operating assets for its Lens Manufacturing Operations: Description Carrying Value Estimated Fair Value Factory building (used in several segments) $10,000,000 Less: Accumulated depreciation (4,500,000 Net book value $5.500.000 $ 8,900,000 Land $14,000,000 $7,000,000 Lens manufacturing equipment Less: Accumulated depreciation Net book value $ 2,100,000 (600,000) $ 1,500,000 1,100,000 Lens polishing equipment Less: Accumulated depreciation Net book value $ 3,000,000 (1,200.000 $ 1,800,000 $ 1,625,000 $ 6,500,000 General factory equipment (used in several segments) Less: Accumulated depreciation Net book value (4,000,000) $ 2,500,000 $ 2,400,000 Delivery trucks used in several segments) Less: Accumulated depreciation Net book value $ 1,750,000 (300,000) $ 1,450,000 $ 1,125,000 Total net fixed assets $19.750,000 Recent advances in technology have rendered the company's lens manufacturing operations nearly obsolete. Management projects the following future cash flows for its lens manufacturing operations. Future Period Cash-Flow Projection Year 1 $1,200,000 Year 2 750,000 Year 3 400,000 Year 4 350,000 Year 5 300,000 Total $3,000,000 2 Required a. Determine the asset group for purposes of impairment testing and justify your decision. b. Compute the impaiment loss for the asset group identified in part (a) for the current year, if any. c. Prepare the journal entry to record the impairment loss, if needed. E12-2. Tangible Asset Impairment Loss. Use the same information from E12-1 except now assume the following cash-flow projections: Future Period Cash-Flow Projection Year 1 $1,450,000 Year 2 850,000 Year 3 400,000 Year 4 400,000 Year 5 250,000 Total $3,350,000 Required) a. Compute the impairment loss for the current year, if any. b. Prepare the journal entry to record the impairment loss, if needed