13.) The entry to record an impairment loss on an intangible asset WITHOUT a determinable life is an indefinite life intangible): A. Debit Impairment Loss and Credit Accumulated Amortization OR Credit Intangible Asset. B. Debit Amortization Expense and Credit Accumulated Amortization OR Credit Intangible Asset. C. Debit Impairment Loss and credit Accumulated Depreciation. D. Debit Impairment Loss and Credit the intangible Asset account. 14.) When an impairment of an asset occurs the equity section of the balance sheet is impacted how by the required journal entry? Consider the equity section only. Do not consider assets or liabilities. A. Increases B. Decreases C. No impact 15.) Which of the following statements is FALSE regarding depreciation and amortization? A. Depreciation and amortization calculations indicate the true fair market value of the asset at any point in the asset's life. B. Depreciation and amortization calculations are allocations intended to move the cost of an asset from the balance sheet to the income statement to reflect the using up of the asset in a systematic and rational manner. C. Straight-line depreciation and amortization indicate that the service value of an asset declines as a function of time rather than use. D. Depreciation relates to tangible assets and amortization relates to intangible assets. 16.) An impairment of a tangible or limited life intangible asset occurs when the recoverability test is failed AND the carrying value of the asset exceeds the fair market value of the asset. A. TRUE B. FALSE Page 8 of 10