Hello,

I need a help with the following question. Please show me how the calculations were done.

In 2015, Winnebago Industries recorded an impairment loss of $462,000 on its corporate plane. Assume that the plane initially cost the company $2,350,000 and accumulated depreciation of $1,598,000 at the time of the impairment charge.

1. Why did the company record an impairment loss on the plane?
2. Explain how the company determined the amount of the impairment loss.
3. What was the planes fair market value at the end of 2015?