(Answered) As the result of certain changes in circumstances

Accounting

As the result of certain changes in circumstances indicating that the carrying amount of plant assets may not be recoverable, Timberlake Company reviewed the assets at the end of 2014 for impairment. The company estimates that it will receive net future cash inflows of
$85,000 (undiscounted) as a result of continuing to hold and use these assets. The fair value of the assets at December 31, 2014 is estimated to be $75,000. The assets were acquired two years ago at a cost of $500,000 and have been depreciated using the straight-line method and a five-year service life. What is the loss from impairment to be reported at the end of 2014.

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