Question 1 General Optie 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 $32,500,000 Accumulated depreciation 14,200,000 - 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 15,000,000 * The fair value of the Arizona plant is estimated to be $11,000,000. Required: 1. Determine the amount of impairment loss. Show the calculation if any. (7 marks) 2. If a loss is indicated, where would it appear in General Optic's multiple-step income statement? (3 marks) 3. If a loss is indicated, prepare the entry to record the loss. (4 marks) 4. Repeat requirement 1 assuming that the estimated undiscounted sum of future cash flows is $12,000,000 instead of $15,000,000. (7 marks) 5. Repeat requirement I assuming that the estimated undiscounted sum of future cash flows is 519,000,000 instead of $15,000,000 (4 marks)