Answer Happy

General Optic 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 the assets at the plant: Cost Accumulated depreciation 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 $43,500,000 15,300,000 17,200,000 The fair value of the Arizona plant is estimated to be $16,500,000. Required: 1. Determine the amount of impairment loss 2. If a loss is indicated, prepare the entry to record the loss. 3. & 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $16,500,000 instead of $17.200,000 and (4) $29,150,000 instead of $17.200,000. Complete this question by entering your answers in the tabs below. Reg 1 Req2 Reg 3 and 4 Determine the amount of impairment loss. (Negative amount should be indicated by a minus sign.) Impairment loss