(4) a. b. Fryer Co. owns equipment for which it paid $90 million. At the end of 2023, it had accumulated depreciation on the equipment of $27 million. Due to adverse economic conditions, Fryer's management assessed whether an impairment should be recognized for the equipment. The estimated present value of future cash flows is $60 million, and the equipment's fair value less selling costs at that point is $40 million. Fryer Co. will: Record no impairment loss on the equipment. Credit $3 million to accumulated depreciation account. C. Credit $3 million to equipment account. d. Credit $3 million to accumulated impairment loss account (5) a. b. C. Blue Sky Company's 31/12/2020 statement of financial position (i.e., balance sheet) reports assets of $5,000,000 and liabilities of $2,000,000. All of Blue Sky's assets' book values approximate their fair values, except for land, which has a fair value that is $300,000 greater than its book value on 31/12/2020. On 31/12/2020, Horace Corporation paid $5,100,000 to acquire Blue Sky. What amount of goodwill should Horace record as a result of this purchase? $0. $100,000. $1,800,000. d. $2,100,000.