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At the beginning of 2019, Metatec Inc. acquired Ellison Technology Corporation for $500 million. In addition to cash, recelvables, and inventory, the following assets and

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At the beginning of 2019, Metatec Inc. acquired Ellison Technology Corporation for $500 million. In addition to cash, recelvables, and inventory, the following assets and their fair values were also acquired: Plant and equipment (depreciable assets) $140 million 30 million 120 million Patent Goodwill The plant and equipment are depreciated over a 10-year useful life on a straight-line basis. There is no estimated residual value. The patent is estimated to have a 5-year useful life, no residual value, and is amortized using the straight-line method. At the end of 2021, a change in business climate indicated to management that the assets of Ellison might be impaired. The following amounts have been determined: Plant and equipment: Undiscounted sum of future cash flows Fair value $ 70 million 50 mil1ion Patenti Undiscounted sum of future cash flows Fair value Goodwilli Fair value of Ellison Technology Corporation Fair value of Ellison's net assets (excluding goodwi11) Book value of Ellison's net assets (ineluding goodwi11) S 19 million 12 million $340 million 290 million 370 million After first recording any impairment losses on plant and equipment and the patent. Required: 1. Compute the book value of the plant and equipment and patent at the end of 2021. 4. Determine the amount of any impairment loss to be recorded, if any, for the three assets. Complete this question by entering your answers in the tabs below. Required 1 Required 4 Compute the book vakue of the plant and equipment and patent at the end of 2021. (Enter your answers in Book Value million Plant and equipment Patent million > Required 4 Complete this question by entering your answers in the tabs below. Requred 4 Required 1 Determine the amount of any impairment loss to be recorded, if any, for the three assets. (Enter your answers i Negative amounts should be indicated by a minus sign.) Impairment Loss million Plant and equipment million Patent million Goodwill Required 1

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