Refer to the FASB Codification through the student access posted in the Welcome module. Indicate precisely the sections of the Codification that provide the information for your response to the question. That is, enter the code in the format: _. Write the code for each paragraph of the Codification used to respond. Answer the following questions primarily in your own words. You may quote from the Codification if needed but be sure to indicate that you are presenting a quotation. Your responses should be concise and pertinent. XYZ Company provides warehousing services for companies in several midwestern cities. The location in Ames, Iowa, has not been performing well due to increased competition and the loss of several customers that have recently gone out of business. XYZ suspects that the plant and equipment may be impaired and wonders whether those assets should be written down. Given the company's prior success, this issue has never arisen in the past. a. What is the authoritative guidance for asset impairments? Briefly discuss the scope of the standard (i.e., explain the types of transactions to which the standard applies). b. Give several examples of events that would cause an asset to be tested for impairment. Does it appear that XYZ should perform an impairment test? Explain. c. What is the best evidence of fair value? Describe alternate methods of estimating fair value.