Jung Inc. owns a patent for which it paid $79 million. At the end of 2016, it had accumulated amortization on the patent of $18 million. Due to adverse economic conditions, Jung's management determined that it should assess whether an impairment loss should be recognized for the patent. The estimated undiscounted future cash flows to be provided by the patent total $40 million, and the patent's fair value at that point is $25 million. Under these circumstances, Jung:

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Would record a $54 million impairment loss on the patent.

Would record no impairment loss on the patent.

Would record a $36 million impairment loss on the patent.

Would record a $15 million impairment loss on the patent.

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In 2015, Antle Inc. had acquired Demski Co. and recorded goodwill of $265 million as a result. The net assets (including goodwill) from Antle's acquisition of Demski Co. had a 2016 year-end book value of $600 million. Antle assessed the fair value of Demski at this date to be $720 million, while the fair value of all of Demski's identifiable tangible and intangible assets (excluding goodwill) was $575 million. The amount of the impairment loss that Antle would record for goodwill at the end of 2016 is:

$145 million.

$120 million.

$0.

None of these answer choices are correct.

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Robertson Inc. prepares its financial statements according to International Financial Reporting Standards. At the end of its 2016 fiscal year, the company chooses to revalue its equipment. The equipment cost $575,000, had accumulated depreciation of $253,000 at the end of the year after recording annual depreciation, and had a fair value of $343,000. After the revaluation, the accumulated depreciation account will have a balance of (Do not round intermediate calculations.):

$253,000.

$269,500.

$274,000.

None of these answer choices are correct.

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Canliss Mining uses the retirement method to determine depreciation on its office equipment. During 2014, its first year of operations, office equipment was purchased at a cost of $12,400. Useful life of the equipment averages four years and no salvage value is anticipated. In 2016, equipment costing $5,700 was sold for $510 and replaced with new equipment costing $8,100. Canliss would record 2016 depreciation of:

$3,100.

$5,190.

$7,590.

None of these answer choices are correct.

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Canliss Mining uses the replacement method to determine depreciation on its office equipment. During 2014, its first year of operations, office equipment was purchased at a cost of $32,000. Useful life of the equipment averages four years and no salvage value is anticipated. In 2016, equipment costing $6,200 was sold for $800 and replaced with new equipment costing $6,600. Canliss would record 2016 depreciation of:

$3,500.

$5,400.

$5,800.

None of these answer choices are correct.