At the beginning of 2022 , Metatec Incorporated acquired Elison Technology Corporation for $550 million. In addition to cash, receivables, and inventory, the following assets and their fair values were also acquired: 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 five-year useful life, no residual value, and is amortized using the straight-line method. At the end of 2024, a change in business climate indicated to management that the assets of Ellison might be impaired. The following amounts have been determined: "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 2024 2. When should the plant and equipment and the patent be tested for impairment? 3. When should goodwill be tested for impairment? 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. Compute the book value of the plant and equipment and patent at the end of 2024 . Note: Enter your answers in millions rounded to 1 decimal place. For oxample, $5,500,000 should be entered as $5,5. 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 2024 2. When should the plant and equipment and the patent be tested for impairment? 3. When should goodwill be tested for impaiment? 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. Compute the book value of the plant and equipment and patent at the end of 2024 . Note: Enter your answers in millions rounded to 1 decimal place. For example, $5,500,000 should be entered as $5.5. "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 2024 2. When should the plant and equipment and the patent be tested for impairment? 3. When should goodwill be tested for impaiment? 4. Determine the amount of any impaiment loss to be recorded, if any, for the three assets Complete this question by entering your answers in the tabs below. When should the plant and equipment and the patent be tested for impaiment? 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 2024 2. When should the plant and equipment and the patent be tested for impairment? 3. When should goodwill be tested for impairment? 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. When should goodwill be tested for impairment? "After fist 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 2024 . 2. Whien should the plant and equipment and the patent be tested for impaiment? 3. When should goodwil be tested for impairment? 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. Determine the amount of amy impaliment loss to be recorded, if any, for the three assets. Note: Fnter your arisworn in millions rounded to 1 decimat place. for example, $5,500,000 should be sintered as $5.5
