At the beginning of 2019, Metatec Inc. acquired Ellison Technology Corporation for $600 million. In addition to cash, receivables, and inventory, the following assets and their fair values were also acquired:

Plant and equipment (depreciable assets) ........$150 millionPatent .........................................................................40 millionGoodwill ...................................................................100 million

The plant and equipment are depreciated over a 10-year useful life on a straight-line basis. There is no estimated residual value. The patent is estimated to have a 5-year useful life, no residual value, and is amortized using the straight-line method.At the end of 2021, a change in business climate indicated to management that the assets of Ellison might be impaired. The following amounts have been determined:

Required:1. Compute the book value of the plant and equipment and patent at the end of 2021.2. When should the plant and equipment and the patent be tested for impairment?3. When should goodwill be tested for impairment?4. Determine the amount of any impairment loss to be recorded, if any, for the three assets.

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Plant and equipment: Undiscounted sum of future cash flows Fair value Patent: Undiscounted sum of future cash flows Fair value Goodwill: Fair value of Ellison Technology Corporation Book value of Ellison's net assets (excluding goodwillI) Book value of Ellison's net assets (including goodwill) "After first recording any impairment losses on plant and equipment and the patent. $ 80 million 60 million $ 20 million 13 million $450 million 370 million 470 million*