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Question - Accounting Issue: Smith Inc. is a privately held company with an April 30th year end. Smith's operations include operating a local whiskey distillery. Smith believes that an impairment loss on some of the older water tanks it owns needs to be recorded as a significant adverse change in the extent or manner in which [the water tank] is being used has occurred. The historical cost of the water tanks is $4,000,000 and as of the end of the fiscal year (April 30, 2021) $2,500,000 in depreciation on the water tanks has been recorded. Furthermore, as this date, Smith estimates that the expected future cash flows (undiscounted) from the use and eventual disposition of the water tanks is $1,250,000. The fair value of the water tanks is estimated to be $975,000 at that time. What is the correct amount of the impairment loss on the water tanks as of April 30th, 2020?
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