Select a company that has recorded impairment charges in its financial statements. For the selected company, identify:
a. Company name and its principal line of business.
b. Nature of financial difficulties the company is facing.
c. Nature of the company's long-lived assets that were impaired.
d. Nature of the impairment charges and their magnitude as a percentage of total assets, total sales, and net income.
e. What judgments did management at the company make that may affect the ability of the external auditor to assess the reasonable- ness of the impairment charges? Discuss the importance of pro- fessional skepticism related to these management judgments.