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Exercise 11-29 Impairment; property, plant, and equipment [LO1-8] General Optic Cor poration operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product me nsets t terArizona site an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant Cost Accumulated depreciation General's estinate of the total cash flows to be generated by selling the products $39,500,08 14,900,00 16,480,000 manufactured at its Arizona plant, not discounted to present value The fair value of the Arizona plant is estimated to be $14,500,000. Required: 1. 8 2. Determine the amount of impairment loss. If a loss is indicated, where would it appear in General Optic's multiple-step income statement? 3. If a loss is indicated, prepare the entry to record the loss. 4. & 5. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is $15.500,000 instead of $16,400,000 and $24,850,000 instead of $16,400.000. Complete this question by entering your answers in the tabs below Req 1 and 2 Req3 Req 4 and 5 Determine the amount of impairment los. If a loss is indicated, where would it appear in General Optic's multiple-step income statement? (Enter your answer in whole dollars.) mpairment loss Location on income statement Req 3 >

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