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1. (23-marks) < Part A. As of the end of the fiscal year 2019, Roma Ltd.'s Statement of Financial Position contains (1) a piece of

1. (23-marks) < Part A. As of the end of the fiscal year 2019, Roma Ltd.'s Statement of Financial Position contains (1) a piece of equipment with a carrying value of $100,000, and (2) goodwill with a carrying-value of $50,000. < Please describe the procedures that Roma Ltd. needs to follow when deciding if the equipment-and- the goodwill need to be impaired. Be specific about the conditions when impairment losses need-to- be recognized. You do not have to consider the possibility of the reversal of impairment. (7')

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