Exercise 11-30 (Algo) Impairment; property, plant, and equipment [LO11-8] General Optic Corporation operates a manufacturing plant...

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Exercise 11-30 (Algo) Impairment; property, plant, and equipment [LO11-8] 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 for 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 The fair value of the Arizona plant is estimated to be $19 million. Required: 1. Determine the amount of impairment loss. 2. If a loss is indicated, prepare the entry to record the loss. $ 48,5 million $ 15.8 million $18.2 million 3. & 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $19 million instead of $18.2 million and (4) $32.95 million instead of $18.2 million. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 and 4 Determine the amount of impairment loss. Note: Enter your answer in millions rounded to 1 decimal place (ie., 5,500,000 should be entered as 5.5). Impairment loss million Req 2 > LUCIDING are duam impa 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) $19 million instead of $18.2 million and (4) $32.95 million instead of $18.2 million, Complete this question by entering your answers in the tabs below. 1 Red 2 Req 3 and 4 If a loss is indicated, prepare the entry to record the loss. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (ie., 5,500,000 should be entered as 5.5). View transaction list Journal entry worksheet S 1 If a loss is indicated, prepare the entry to record the loss. Note: Enter debits/sefore credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal Exercise 11-30 (Algo) Impairment; property, plant, and equipment [LO11-8] 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 for the assets at the plant $ 48.5 million 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 The fair value of the Arizona plant is estimated to be $19 million. Required: 1. Determine the amount of impairment loss. 2. If a loss is indicated, prepare the entry to record the loss. $ 15.8 million $ 18.2 million 3. & 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $19 million instead of $18.2 million and (4) $32.95 million instead of $18.2 million. Complete this question by entering your answers in the tabs below. Req 1 Req 21 Req 3 and 4 Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $19 million instead of $18.2 million and (4) $32.95 million instead of $18.2 million. Note: Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). 3. Impairment loss 4. Impairment loss million million Exercise 11-30 (Algo) Impairment; property, plant, and equipment [LO11-8] 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 for 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 The fair value of the Arizona plant is estimated to be $19 million. Required: 1. Determine the amount of impairment loss. 2. If a loss is indicated, prepare the entry to record the loss. $ 48,5 million $ 15.8 million $18.2 million 3. & 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $19 million instead of $18.2 million and (4) $32.95 million instead of $18.2 million. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 and 4 Determine the amount of impairment loss. Note: Enter your answer in millions rounded to 1 decimal place (ie., 5,500,000 should be entered as 5.5). Impairment loss million Req 2 > LUCIDING are duam impa 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) $19 million instead of $18.2 million and (4) $32.95 million instead of $18.2 million, Complete this question by entering your answers in the tabs below. 1 Red 2 Req 3 and 4 If a loss is indicated, prepare the entry to record the loss. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (ie., 5,500,000 should be entered as 5.5). View transaction list Journal entry worksheet S 1 If a loss is indicated, prepare the entry to record the loss. Note: Enter debits/sefore credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal Exercise 11-30 (Algo) Impairment; property, plant, and equipment [LO11-8] 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 for the assets at the plant $ 48.5 million 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 The fair value of the Arizona plant is estimated to be $19 million. Required: 1. Determine the amount of impairment loss. 2. If a loss is indicated, prepare the entry to record the loss. $ 15.8 million $ 18.2 million 3. & 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $19 million instead of $18.2 million and (4) $32.95 million instead of $18.2 million. Complete this question by entering your answers in the tabs below. Req 1 Req 21 Req 3 and 4 Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $19 million instead of $18.2 million and (4) $32.95 million instead of $18.2 million. Note: Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). 3. Impairment loss 4. Impairment loss million million