Exercise $11-27($Static$)$ Impairment; property, plant, and equipment $[$LO$11-8]$

Chadwick Enterprises, Incorporated, operates several restaurants throughout the Midwest. Three of its restaurants located in the center of a large urban area have experienced declining profits due to declining population. The company$$s management has decided to test the assets of the restaurants for possible impairment. The relevant information for these assets is presented below at the end of $2024.$

Book value$ $6\mathrm{.}5$millionEstimated undiscounted sum of future cash flows$4\mathrm{.}0$millionFair value$3\mathrm{.}5$million

Required:

Determine the amount of the impairment loss, if any, reported in the $2024$ income statement.

Determine the reported book value of the assets in the year$-$end $2024$ balance sheet.

Determine the amount of the impairment loss assuming that the estimated undiscounted sum of future cash flows is $$6\mathrm{.}8$ million and fair value is $$5$ million.

Note: Enter your answers in millions rounded to $1$ decimal place, $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$