23. Recognition of impairment for property, plant, and equipment is required if book value exceeds a) Fair value. b) Present value of expected cash flows. c) Undiscounted expected cash flows. 24. The Sanchez Company purchased a delivery truck on February 1, 2018. The purchase agreement required Sanchez to pay the total amount due of S15,000 on February 1, 2019. Assuming an 8% rate of interest, the calculation of the present value of the truck would involve multiplying S15,000 by the: a) Present value of $1 b) Present value of an ordinary annuity of S1. c) Future value of $1. d) Future value of an ordinary annuity of $1. 25. Mill Co.'s trial balance included the following account balances at December 31, 2016: Accounts payable Bond payable, due 2017 22,000 Dividends payable 1/31/17 8,000 Notes payable, due 2018 20,000 $15,000 What amount should be included in the current lia 2016, balance sheet? a) $45,000 b) $51,000 c) $65,000 d) $78,000