14) When a change in a depreciation estimate is required, the change is made in a) current b) future c) prior years. d) both (a) and (b) above 15) When there is an impairment, or permanent decline in the fair value of an asset, it may be written down to its new fair value in a later year when total assets and net income are at a high level. a) True b) False 16) A vehicle that cost $20,000 when purchased was sold for $5,000. At the time of the sale, the vehicle had accumulated depreciation of $17,000. What is the gain or loss on the sale? a) loss of $15,000 b) loss of $12,000 c) gain of $2,000 d) gain of $5,000 17) The cost of intangible assets with indefinite lives should not be amortized (written off). a) True b) False