Item$6$ Return to question Item $6$ Exercise $11-30($Algo$)$ Impairment; property, plant, and equipment $[$LO$11-8]$ 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$ $46\mathrm{.}5$millionAccumulated depreciation$ $15\mathrm{.}6$millionGeneral$$s estimate of the total cash flows to be generated by selling the products manufactured at its Arizona plant, not discounted to present value$ $17\mathrm{.}8$million The fair value of the Arizona plant is estimated to be $$18$ million. Required: $1.$ Determine the amount of impairment loss. $2.$ 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 $(3)$ $$18$ million instead of $$17\mathrm{.}8$ million and $(4)$ $$31\mathrm{.}25$ million instead of $$17\mathrm{.}8$ million. On March $31,2024,$ Susquehanna Insurance purchased an office building for $\backslash (\backslash$$ $14,100,000\backslash ).$ Based on their relative fair values, one$-$third of the purchase price was allocated to the land and two$-$thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $\backslash (\backslash$$ $1,270,000\backslash )$ and $\backslash (\backslash$$ $770,000\backslash ),$ respectively. The company uses the straight$-$line method to depreciate its buildings and the double$-$declining$-$balance method to depreciate all other depreciable assets. The estimated useful lives and residual values of these assets are as follows: Required: $1.$ Calculate depreciation for the years ended December $31,2024$ and $2025.2.$ What book values would be reported in the December $31,2025,$ balance sheet $($including land$)?$ Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculate depreciation for the years ended December $31,2024$ and $2025.$ Note: Do not round intermediate calculations.