Tank Top Menswear, Ltd., an IFRS reporter, reported net plant and equip-ment of $ 1,600,000. These assets cost $ 2,500,000 with accumulated depreciation taken to date of $ 900,000. Based on recently assessed negative evidence, Tank Top’s management concluded that its plant assets might be impaired. Tank Top estimates that the value in use is $ 1,087,000, based on discounted expected future cash flows from the use of the assets. The fair value of the assets less costs to sell is $ 1,000,000. Are the company’s assets impaired? If there is an impairment loss, prepare the journal entry necessary to record the impairment.