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Wicker Corporation operates a manufacturing plant in California. Due to a change in business climate, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant:

Cost $58,500,000

Accumulated depreciation $26,400,000

Estimated of total cash inflows (not discounted) from selling products made in California. $30,000,000.

The fair value of the California plant is estimated to be $24,000,000.

Determine the amount of impairment loss, if any.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9436224

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