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Chapter 11 HW G Seved Help Save& Exit Submit Check my work 8 Exercise 11-29 Impairment; property, plant, and equipment [LO11-8 General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product 0.5 points manufactured at the Arizona site, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant eBook Hint Print References 39,500,000 14,900,000 16,400,000 Cost Accumulated depreciation General's estimate of the total cash flows to be generated by selling the products nanufactured at its Arizona plant, not discounted to present value The fair value of the Arizona plant is estimated to be $14,500,000. Required 1. &2. Determine the amount of impairment loss. If a loss is indicated, where would it appear in General Optic's multiple-step income statement? 3. If a loss is indicated, prepare the entry to record the loss. 4. & 5. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is $15,500,000 instead of $16,400,000 and $24,850,000 instead of $16,400,000. Complete this question by entering your answers in the tabs below 3. If a loss is indicated, prepare the entry to record the loss. 4. & 5. Determine the amount of impairment loss assuming that the estimate instead of $16,400,000 and $24,850,000 instead of $16,400,000. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 and 5 Determine the amount of impairment loss. If a loss is indicated, where would it a income statement? (Enter your answer in whole dollars.) Impairment loss Location on income statement <. rea and req> Req 4 and 5 Req 1 and 2Req 3 If a loss is indicated, prepare the entry to record the loss. (If no entry is required for a transaction/ required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the impairment loss. Note: Enter debits before credits. Event General Journal Debit Credit Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3Req 4 andis Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is $15,500,000 instead of $16,400,000 and $24,850,000 instead of $16,400,000. (Enter your answers in whole dollars.) Impairment loss Impairment loss Req 4 and 5 Req 3