Computing Impairment of Intangible Assets Stiller Company had the following information for its three intangible assets 1. Patent: A patent was purchased for $100,000 on June 30, 2018. Stiller estimated the useful life of the patent to be 15 years. On December 31, 2020, the estimated futuro cash nows attributed to the patent were 585,000. The fair value of the patent was $75,000 2 Trademark A trademark was purchased for $5,000 on August 31, 2019. The trademark considered to have an indefinite life. The fair value of the trademark on December 3, 2020, is $2,500 3. Goodwill: Stiller recorded goodwill in January 2019. related to a purchase of another company, The carrying value of goodwill is $30,000 on December 31, 2020 on December 31, 2020, the segment for which the goodwill relates had a fair value of $580,000. The book value of the net assets of the segment (including goodwill) is $500,000 Note: Round each of your answers to the nearest whole dollar a Classity each of the intangible assets above as a finite life intangible or an indefinite life intangible. Patent Trade Finiteifentangle Goow Indefinite le intangible NA b. Determine the carrying value of each asset on December 31, 2020, prior to testing for impairment, assuming that the company uses the straight-line method to amortite Intangible assets, and no impairment was reported prior to 2020 Carrying of patentec 31, 2020. beforeimmenttesting Carrying value of trademark Dec 31, 2000, before impairment testing Carrying of goodwil, Dec. 31, 2020, before impairment testing Test each asset for impairment assuming that the qualitative assessment indicated that further impairment testing was warranted. Determine the carrying value of each asset on December 31, 2020, after impairment testing Carrying value of patent Dec 31, 2020, her parent testing 3 Carrying Value of ademark Dec 31, 2000 after impairment testings Carrie of goodwi Dec 31, 2020, after impairment testing Finish attempt Previous Save Answers Ser estimated the useful life of the patent to be 15 years. On December 31, 2020, the estimated future Bows attributed to the patent were $85.000. The fair value of the patent was $75,000 2. Trademark Atrademark was purchased for $5,000 on August 31, 2019. The trademark is considered to have an indefinite life. The fair value of the trademark on Decem 2020, is $2.500 3. Good Sziller recorded goodwill in January 2019, related to a purchase of another company. The carrying value of goodwill s 530,000 on December 31, 2020. On Dece 31, 2020, the segment for which the goodwill relates had a fair value of $530,000. The book value of the net assets of the segment including goodwin) is 5600,000 Note: Round each of your answers to the nearest whole dollar a Classify each of the intangible assets above as a finite life intangible or an indefinite life intangible . Good Determine the carrying value of each asset on December 31, 2020, prior to testing for impairment assuming that the company uses the straight line method to amortize intangible assets, and no impairment was reported prior to 2020 Caryngolopent Dec 31 2000 before impairments S Gary of trademark Dec 11.2020. before moments Cary of good Dec 312020. before enter $ C Test each asset for impairmert assuming that the qualitative assessment indicated that further impairment testing was warranted. Determine the carrying value of each as December 31, 2020. after impairment testing Game of Dec. 312000, impairment testing Care of trade. Dec 21.2020. armamentos Caryngolo Dec 31, 2000 menetes 5 Previous Save Answers Fish attem