Sylvia Company has a longterm plant asset with the following information as of the end of the year:

Net book value	$87,300
Estimated future cash flows	$69,000
Fair value	$67,000

The amount of the impairment loss is:

$156300

$18300

$20300

$2000

The impairment test for longterm assets applies to:

Tangible long-term assests

Intangible long-term assets

All assets

A & B

Calculate Company Y's total asset turnover based on the following information for the current year: (Round your final answer to two decimal places.)

Net income	$800,000
Assets at the beginning of the year	$100,000
Assets at the end of the year	$120,000
Net sales	$900,000

8.18

7.27

9.00

7.50

Equipment with a book value of $8,000 is sold for $1,000 cash. The statement of cash flows will report a:

$1000 cash inflow in the investing activites section

$1000 cash inflow in the operating activities section

$7000 cash out flow in the operating activities section

$7000 cash outflow in the financing activities section