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What king should recognize a loss on impairment of

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Reference no: EM132788532

Problem 1. The intangible asset goodwill may be

a. Capitalized only when created internally

b. Written off directly to retained earnings

c. Capitalized either when purchased or created internally

d. Capitalized only when purchased

Problem 2. King Corporation owns machinery with a book value of $760,000. It is estimated that the machinery will generate future cash flows of $770,000 The machinery has a fair value of $560,000. King should recognize a loss on impairment of

a. 210,000

b. 200,000

c. 10,000

d. 0

Problem 3. Which of the following is not a major characteristic of a plant asset?

a. Acquired for use

b. Yields services over a number of years

c. Acquired for resale

d. Possesses physical substance

Reference no: EM132788532

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