Problem 11: 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 impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant: Cost Accumulated depreciation General's estimate of the total cash flows to be generated by selling the products $32,500,000 14,200,000 15,000,000 manufactured at its Arizona plant, not discounted to present value The fair value of the Arizona plant is estimated to be $11,000,000. Required: Determine the amount of impairment loss. If a loss is indicated, prepare the entry to record the loss