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Chevy Motors bought an equipment with a total cost of 4,000,000 on Jan. 1, 2015. It was depreciated using the straight-line method over 20 years with a salvage value of 400,000. On Jan. 1, 2020, there is a foreseen decrease in the useful life of the equipment to only 8 remaining years. Hence, the asset is being tested for impairment. The current fair value less cost to sell is 600,000 while the salvage value at the end of the useful life is 400,000. Annual net operating cash flows is foreseen to be at 200,000 per year. The effective interest rate to be used for impairment testing is 6%.
Problem 1: How much is the impairment loss? Solutions must be in good accounting form.
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