$"1.$ What do we mean by the impairment of a long$-$lived asset? $2.$ How should assets be grouped when testing and computing an impairment loss for long$-$lived assets? $3.$ When should an impairment loss be recognized for a long$-$lived asset? $4.$ Under US GAAP, what part of the the process under Question $3$ above does not make any sense? $5.$ Under Question $3$ above, when should a long$-$lived asset or asset group be tested for recoverability? Are the recoverability conditions met for The Crusin Lines Case? $6.$ Calculate the US GAAP impairment loss $($if any$)$ for the Dreamer at March $31,2019.$ Use the three estimates of undiscounted cash flows provided in the case $($Most Likely, Midpoint, Low Value$).$ Use the market approach to estimating fair value. Present your results in a table that show the recoverability test, impairment loss, and book value after impairment loss $($if any$).7.$ Provide a journal entry to record any impairment losses in Question $6$ above. $8.$ What are the possible valuation techniques that you can use to measure fair value? $9.$ What do we mean by the fair value hierarchy when using the market approach? What levels of the of the hierarchy are most preferred to use? Least preferred? What levels in the hierarchy did you use in your calculations in Question $6$ above? $10.$ What asset or asset group level did Kayla use to test for impairment in the case? Do you agree with her decision and why or why not? $11.$ Given the facts of the case, should the Company test for Goodwill Impairment? At what level should this test be conducted? How does your answer affect Question $6$ above? $12.$ Calculate the IFRS impairment loss $($if any$)$ for the Dreamer. Use the most likely, midpoint, and low point of the range for cash flows. Present your results in a table showing the impairment loss and book value $($carrying amount$)$ for March $31,2019.13.$ How does your answer to Question $12$ differ from Question $6$ above? What are the differences between US GAAP IFRS? $14.$ What are the valuation issues $($problems$)$ involved with your answers to Questions $6$ and $11$ above? $15.$ What pressures will Kayla likely face if she recommends showing an impairment loss? Support the answer with FASB Codification $350-$ Intangibles$$Goodwill and Other$360-$ Property, Plant, and Equipment$$ Based on the following case$820-10-00$ Status $$ General$$ and $$IAS $36-$ Impairment of Assets$$ and the following case

Crusin Lines and the "Dreamer" Cruise Ship

rusin Lines is a large, multicultural leisure travel and cruise company that serves global cruise guests and provides

vacations to all major cruise destinations around the world. Crusin Lines' headquarters and the Eastern region's offices

are in Miami, FL$,$ USA, and the company operates in three regions, also viewed as operating divisions $($Eastern$,$

Western, and European$).$

On February $14,2019,$ as the Dreamer cruise ship crossed the Gulf of Mexico, it experienced a loss of power and

propulsion as a result of a fire in the engine room. The breakdown in services and power outage caused severe hardships for

passengers, as it took three days to get the ship to port and offload the passengers safely. The incident resulted in significantly

bad publicity. The media reported the horrible conditions on board the ship throughout the U$.$S$.$ and abroad with headlines like

"Valentine's Day Nightmare" and "Valentine Dream Gone at Sea." Airplanes and helicopters flew by to get videos of the

passengers' misery that were later broadcast or posted online. Late$-$night comedians on American television used the story

about the Dreamer as the butt of their jokes for many nights.

Top management's immediate response to the accident was an emergency meeting to plan a recovery from this reputation$-$

damaging incident. The most pressing operational decisions encompassed passenger safety, comfort, and compensation for the

unfortunate experience. Matt Marzo, Eastern region CEO, was primarily worried about the negative media coverage and the

increasing negative impact on Crusin Lines' reputation. In the wake of the incident, many customers called to postpone or

rusin Lines is a large, multicultural leisure travel and cruise company that serves global cruise guests and provides

vacations to all major cruise destinations around the world. Crusin Lines' headquarters and the Eastern region's offices

are in Miami, FL$,$ USA, and the company operates in three regions. also viewed as operating divisions $($Eastern$,$

Western, and European$).$

On February $14,2019,$ as the Dreamer cruise ship crossed the Gulf of Mexico, it experienced a loss of power and

propulsion as a result of a fire in the engine room. The breakdown in services and power outage caused severe hardships for

passengers, as it took three days to get the ship to port and offload the passengers safely. The incident resulted in significantly

bad publicity. The media reported the horrible conditions on board the ship throughout the U$.$S$.$ and abroad with headlines like

"Valentine's Day Nightmare" and $"$V

cancel b