El Dorado Foods Incorporated owns a chain of specialty stores in the Pacific Northwest. Recently, four of the stores have experienced declining profits due to market saturation in the area. As a result, management gathered data about possible. impairment of the assets of the stores. The information gathered was as follows: Book value: $17.5 million Fair value: $14.9 million Undiscounted sum of future cash flows: $16.5 million Required: Assume that the undiscounted sum of future cash flows is $18.2 million, instead of $16.5 million. Determine the amount, if any, of the impairment loss that El Dorado must recognize on these assets. Note: Enter your answer In millions (l.e., 5,000,000 should be entered as 5). Impairment loss million Show Transcribed Text Required: Determine the amount, if any, of the impairment loss that El Dorado must recognize on these assets. Note: Enter your answer in millions rounded to 1 decimal place (l.e., 5,500,000 should be entered as 5.5). с Impairment loss $ 2.6 million

El Dorado Foods Incorporated owns a chain of specialty stores in the Pacific Northwest. Recently, four of the stores have experienced declining profits due to market saturation in the area. As a result, management gathered data about possible. impairment of the assets of the stores. The information gathered was as follows: Book value: $17.5 million Fair value: $14.9 million Undiscounted sum of future cash flows: $16.5 million Required: Assume that the undiscounted sum of future cash flows is $18.2 million, instead of $16.5 million. Determine the amount, if any, of the impairment loss that El Dorado must recognize on these assets. Note: Enter your answer In millions (l.e., 5,000,000 should be entered as 5). Impairment loss million Show Transcribed Text Required: Determine the amount, if any, of the impairment loss that El Dorado must recognize on these assets. Note: Enter your answer in millions rounded to 1 decimal place (l.e., 5,500,000 should be entered as 5.5). с Impairment loss $ 2.6 million

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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