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PLEASE WORK THE PROBLEM STEP BY STEP. MY PROFESSOR IS A VERY HARD GRADER ALWAYS WANT...

PLEASE WORK THE PROBLEM STEP BY STEP. MY PROFESSOR IS A VERY HARD GRADER ALWAYS WANT STUDENT SHOW WORK.

Sanders Corporation operates a factory in Arizona. Due to a change in business climate an impairment test is deemed appropriate. Management has acquired the following information:

Cost $243,000,000

Accumulated depreciation 112,000,000

Estimate of the total undiscounted

future cash flows 110,000,000

Present value of estimated

future cash flows 94,000,000

Estimated fair value of the Arizona

factory, as appraised 90,000,000

Required:

a) Determine the amount of the impairment loss if any.

b) If a loss is indicated, prepare the entry to record the loss.

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