At the beginning of 2022, Metatec Incorporated acquired Ellison Technology Corporation for $620 million In addition to cash, receivables, and inventory, the following assets and their fair values were also acquired Plant and equipment (depreciable assets) $ 152 million Patent 42 million Goodwill 120 million 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 Plant and equipment Undiscounted sum of future cash flows $ 82 million Fair value 62 million Patent Undiscounted sum of future cash flows $ 20 million Fair value 13 million Goodwill Fair value of Ellison Technology Corporation $ 472 million Book value of Ellisons net assets (excluding goodwill) 410 million Book value of Ellison's net assets (including goodwill) 490 million Footnote asterisk Footnote asterisk After first recording any impairment losses on plant and equipment and the patent Required Compute the book value of the plant and equipment and patent at the end of 2024 When should the plant and equipment and the patent be tested for impairment When should goodwill be tested for impairment 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 the plant and equipment and the patent be tested for impairment mpairment testing for plant and equipment and patent Complete this question by entering your answers in the tabs below When should goodwill be tested for impairment Complete this question by entering your answers in the tabs below Determine the amount of any impairment loss to be recorded, if any, for the three assets Note Enter your answers in millions rounded to 1 decimal place For example, $5,500,000 should be entered a

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At the beginning of 2022, Metatec Incorporated acquired Ellison Technology Corporation for $620 million. In addition to cash, receivables, and inventory, the following assets and

At the beginning of 2022, Metatec Incorporated acquired Ellison Technology Corporation for $620 million. In addition to cash, receivables, and inventory, the following assets and their fair values were also acquired:

Plant and equipment (depreciable assets)	$ 152	million
Patent	42	million
Goodwill	120	million

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:

Plant and equipment:
Undiscounted sum of future cash flows	$ 82	million
Fair value	62	million
Patent:
Undiscounted sum of future cash flows	$ 20	million
Fair value	13	million
Goodwill:
Fair value of Ellison Technology Corporation	$ 472	million
Book value of Ellisons net assets (excluding goodwill)	410	million
Book value of Ellison's net assets (including goodwill)	490	million*Footnote asterisk

^{*Footnote asterisk}After first recording any impairment losses on plant and equipment and the patent.

Required:

Compute the book value of the plant and equipment and patent at the end of 2024.
When should the plant and equipment and the patent be tested for impairment?
When should goodwill be tested for impairment?
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 the plant and equipment and the patent be tested for impairment? mpairment testing for plant and equipment and patent Complete this question by entering your answers in the tabs below. When should goodwill be tested for impairment? Complete this question by entering your answers in the tabs below. Determine the amount of any impairment loss to be recorded, if any, for the three assets. Note: Enter your answers in millions rounded to 1 decimal place. For example, $5,500,000 should be entered a