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Perth Ltd. owns a factory in Perth that makes electric switches. During 2020, due to increased competition from Nintendo Switches with improved battery life, Perth Ltd. determined that an impairment test was appropriate. Management has prepared the following information for the assets of the factory ($ in millions):
Cost $345 Accumulated depreciation 85 Estimated future undiscounted cash flows to be generated by the factory 230 Estimated fair value of the factory assets 170 Required:
problem 1. Determine the amount of impairment loss Perth Ltd. should recognize, if any.
problem 2. If a loss is demonstrated, prepare the journal entry to record the loss.
problem 3. Suppose the estimated undiscounted future cash flows are $270 million instead of $230 million. Redo requirement 1. (i.e., Determine the amount of impairment loss Perth Ltd. should recognize, if any.)
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