3 pts Question 23 Chelsea Company owns a trade name that was purchased several years ago. According to GAAP the trade name is assessed for impairment on an annual basis. To perform this impairment test, Chelsea has developed cash flow estimates related to the trade name over its remaining useful life of 8 years along with associated probabilities of each cash flow actually occurring. Both the cash flow and probability estimates are based on internal information, Chelsea uses a 6% discount rate for time value of money calculations. Chelsea plans to use this information to arrive at an estimate of the current fair value of the trade name in completing the required impairment test. Which of the following is correct given this set of facts? Chelsea will calculate the future value of the probabilistic cash flows as a Level 3 fair value assessment O None of these are correct o Chelsea will calculate the present value of the average cash flows as a Level 3 fair value assessment. o Chelsea will calculate the present value of the probabilistic cash flows as a Level 3 fair value assessment o Chelsea will calculate the present value of the probabilistic cash flows as a Level 2 fair value assessment Question 24 4 pts On January 1, 2020. Aberdeen Corporation sold equipment that cost $75,000 and that had accumulated depreciation of $25,000 on the date of sale. Aberdeen received as consideration a $50,000 4% note due on January 1, 2023. At what amount should the gain or loss from the sale of the equipment be reported? O Gain of 55550 O Gain of $6.000 O Loss of $25.000 None of these are correct O Loss of $5,550