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16 Check my work 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 Impalment test is deemed appropriate. Management has acquired the following Information for the assets at the plant: 1 points CORT Accumulated 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 $48,500,000 15,800,000 18,200,000 eBook Hint Print References The fair value of the Arizona plant is estimated to be $19,000,000. 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 Impalment loss assuming that the estimated undiscounted sum of future cash flows is (3) $19,000,000 Instead of $18,200,000 and (4) $32,950,000 Instead of $18,200,000. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3 and 4 Determine the amount of impairment loss. (Negative amount should be indicated by a minus sign.) Impairment loss S 32,700,000 Reg 2 > MC Check m 16 Cost Accumulated 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 $48,500,000 15,800,000 18,200,000 1 points eBook The fair value of the Arizona plant is estimated to be $19,000,000. 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) $19,000,000 Instead of $18,200,000 and (4) $32,950,000 Instead of $18,200,000. Hint Print References Complete this question by entering your answers in the tabs below. Req1 Reg 2 Req 3 and 4 If a loss is indicated, prepare the entry to record the loss. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 1 Loss on impairment Accumulated depreciation Plant assets 13,700,000 15,800,000 29,500,000 Mc Graw Hill Foto 16 manufactured at the Arizona site, an Impalment test is deemed appropriate. Management has acquired the following information for the assets at the plants Cost Accumulated 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 $48,500,000 15,800,000 18,200,000 1 points eBook The fair value of the Arizona plant is estimated to be $19,000,000 Print 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) $19,000,000 Instead of $18,200,000 and (4) $32,950,000 Instead of $18,200,000. References Complete this question by entering your answers in the tabs below. Req1 Reg 2 Req 3 and 4 Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $19,000,000 instead of $18,200,000 and (4) $32,950,000 instead of $18,200,000. (Negative amounts should be indicated by a minus sign.) 3 Impairment loss Impairment loss 4.
