Project 4: After graduating from QCCUNY, you recently joined as a staff accountant in the controllers office at Klax Company that provides warehousing services for companies in several Midwestem cities. The location, Dubuque, lowa, has not been performing well due to increased competition and loss of several customers that have recently gone out of business. Your controller suspect that the plant and equipment may be impaired and wonder those assets should be written down. Given the company's prior success, this issue has never arisen in the past, you have be asked to conduct some research on this issue with respeckto the following by December 17, 2018. You believe this is a great opportunity for you to impress her with the knowledge of asset impairment that you acquired in your intermediate accoun course, and make your alma-mater and the professor proud of you by doing a great job and providing codification references for your responses. 1. What is the definition of impairment and what is the authoritative guidance for asset impairment? Briefly describe the scope of the standards (i.e., explain what types of transactions to which the standards applies). 2. Give several examples of events that would cause an asset to be tested for impairment Does it appear that Klax should perform impairment test? Explain. 3. 4. What is the recoverable amount and what is the best evidence of fair value? Describe the alternative methods of estimating fair value