Check my work Chadwick Enterprises, Inc., operates several restaurants throughout the Midwest. Three of its...
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Check my work Chadwick Enterprises, Inc., operates several restaurants throughout the Midwest. Three of its restaurants located in the center of a large urban area have experienced declining profits due to declining population. The company's management has decided to test the assets of the restaurants for possible Impalrment. The relevant Information for these assets Is presented below. Assume that Chadwick Enterprises prepares its financial statements according to International Financial Reporting Standards. 2.85 points Book valus =timated undiscounted sum of future cash flows Fair value s9.5 million 5.5 million 5.0 million eBook Print ReferencesAssume that the fair value amount given equals both (a) the fair value less costs to sell and (b) the present value of estimated future cash flows. Required: 1. Determine the amount of the impairment loss. 2. Determine the amount of the Impalrment loss assuming that the estimated undiscounted sum of future cash flows Is $9.8 millon and fair value is $6.5 million (For all requirements. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). 1. Impairmont los5 million 2 Impairment loss million
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