Back\ Time left 0:09:46\ Finish attempt ...\ Question 3\ Not yet answered\ Marked out of 2.00\ p Fiog question\ Ramzi Inc. bought a machine on January 1, 2011 for

$800,000

. The machine had an expected life of 20 years and was expected to have a salvage value of

$80,000

. On July 1,2021 , the company reviewed the potential of the machine and determined that its future net cash flows totaled

$400,000

and its fair value was

$300,000

. If the company does not plan to dispose of it, what should Regis record as an impairment loss on July 1, 2021?\ a.

$0

\ b.

$22,000

\ c.

$142,000

\ d.

$122,000

\ Question 4\ Orange Corporation constructed a building at a cost of

$14,000,000

.

Ramzi Inc. bought a machine on January 1, 2011 for $800,000. The machine had an expected life of 20 years and was expected to have a salvage value of $80,000. On July 1,2021 , the company reviewed the potential of the machine and determined that its future net cash flows totaled $400,000 and its fair value was $300,000. If the company does not plan to dispose of it, what should Regis record as an impairment loss on July 1, 2021? a. $0 b. $22,000 c. $142,000 d. $122,000