Tank Top Menswear, Ltd. reported net plant and equipment of $ 1,600,000. These assets cost $ 2,500,000 with accumulated depreciation taken to date of $ 900,000. Based on recently assessed negative evidence, Tank Top’s management concluded that its plant assets might be impaired. Tank Top estimates total expected future cash flows from the use of the assets as only $ 1,300,000 and appraises the fair value of the assets at $ 1,000,000. Are the company’s assets impaired? If there is an impairment loss, prepare the journal entry necessary to record the impairment.