Chadwick Enterprises, Inc., operates several restaurants throughout the Midwest. Three of its restaurants located in...
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Chadwick Enterprises, Inc., 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 companys management has decided to test the assets of the restaurants for possible impairment. The relevant information for these assets is presented below. Book value $ 9.7 million Estimated undiscounted sum of future cash flows 5.6 million Fair value 5.1 million Required: 1
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