end of 2017, Hamlin believes the equipment may be impaired due to technological changes Management has acquired the following information for the equipment: Cost $3,200,000 Accumulated depreciation $1,575,000 Estimated total cash flows - undiscount $1,200,000 Estimated Fair value of equipment $911,000 a Determine whether or not Hamlin's equipment is impaired. IMPAIRED NOT IMPAIRED b. If impaired, what is the impairment loss? 6 5 7. The Lionell Company acquired several small companies at the end of the year. Based on the acquisition, the company reported the following intangible assets on its December 7 31, 2017 balance sheet: 8 9 Patent $ 35,000 10 Tradename 40,000 11 Goodwill 125,000 12 13 a. The company's accountant determined the patent has an expected life of 10 years and 4 no expected residual value and that it will generate approximately equal benefits each year. 5 The company expects to use the tradename for the foreseeable future. 6 2017? 3 Patent