3 On December 31, 2019, Silver Corporation acquired the following three intangible assets: A trademark for P300,000. The trademark has 7 years remaining legal life. It is anticipated that the trademark will be renewed in the future, indefinitely, without problem. Goodwill for P1,500,000. The goodwill is associated with Silver's Easy Manufacturing reporting unit. A customer list for P220,000. By contract, Silver has exclusive use of the list for 5 years. Because of market conditions, it is expected that the list will have economic value for just 3 years. On December 31, 2020, before any adjusting entries for the year were made, the following information was assembled about each of the intangible assets: a) Because of a decline in the economy, the trademark is now expected to generate cash flows of just P10,000 per year. The useful life of trademark still extends beyond the foreseeable horizon. b) The cash flows expected to be generated by the Easy Manufacturing reporting unit is P250,000 per year for the next 22 years. Book values and fair values of the assets and liabilities of the Easy Manufacturing reporting unit are as follows: Identifiable assets Book values P2,700,000 Fair values P3,000,000 1,500,000 1,800,000 ? 1,800,000 Goodwill Liabilities c) The cash flows expected to be generated by the customer list are P120,000 in 2021 and P80,000 in 2022. REQUIRED: Based on the above and the result of your audit, determine the following: (Assume that the appropriate discount rate for all items is 6%): 1. Total amortization for the year 2020 2. Impairment loss for the year 2020 3. Carrying value of Trademark as of December 31, 2020 4. Carrying value of Goodwill as of December 31, 2020 5. Carrying value of Customer list as of December 31, 2020