Professor Proton Corporation operates a manufacturing plant in California. Due to a change in the business climate, an impairment test on the plant's equipment was deemed appropriate. The controller, Newhart, determined that there was an impairment of value requiring an immediate write-down of the plant equipment of 5,000,000 dollars and a reduction in equipment service life by five years. This assessment is based on demand for its products and the result of high-quality, reliable estimates of future cash flows. The CEO does not like Newhart's suggestion to immediately write down the value of the impaired equipment and to depreciate the remaining book value over the plant equipment's revised service life. Instead, the CEO states "if we revise the service life, we've addressed the change in demand. I see no point in taking an impairment loss this period that instead can be distributed over the remaining life of the equipment." What should Newhart do? Multiple Choice C Call the Internal Revenue Service and ask what it recommends you do O Describe for the CEO that the immediate write down is required by GAAP and encourage compliance with GAAP. o C C ) Send a letter to the shareholders