Dashboard MCOS Home Assignments Becker AccountingMaster AccountingMaster F3 Assignment Question Set F3 ASSIGNMENT Assignments TESTLET 2 TESTLET 1 30:14:20 TIME ELAPSED 1 Scroll down to complete all parts of this task. At the beginning of Year 1. Sports Gear Inc. (SGI) acquired a college apparel license at a cost of $28,000,000, excluding legal fees of $1,600,000 and registration fees of $400,000. The company estimated that the license would have a useful (legal) life of 15 years. For Question 3, assume that the fair value of the license at the end of Year 1, Year 2, and Year 3 is $26,600,000, $26,300,000 and $23,850,000, respectively, Answer the questions below and enter the correct dollar amounts in the associated cells. Round to the nearest dollar B What amount will the company report as the carrying 1 value of the license asset at the end of Year 2 under U.S. GAAP? 123 Type here to search C 00:14:34 TIME ELAPSED 1 1") 10 ine nearest dollar. What amount will the company report as the carrying 1 value of the license asset at the end of Year 2 under U.S. GAAP? If the company determines that the license asset is impaired by $3,000,000 at the beginning of Year 3, what 2 is the total amount of expense related to the license reported on the income statement for Year 3 under U.S. GAAP? Determine the amount of revaluation gain or loss that is 3 reported on the income statement for Year 2 under IFRS if the revaluation model is used. Type here to search