Leonard's Jewelry owns a patent with a carrying value of $50 million. Due to adverse economic conditions, Leonard's management determined that it should assess whether an impairment should be recognized for the patent. The estimated future cash flows to be provided by the patent total $43 million, and its fair value at that point totals $35 million. Under these circumstances, Leonard: Would record a $15 million impairment loss on the patent Would record a $7 million impairment loss on the patent Would record no impairment loss on the patent Would record a $31 million impairment loss on the patent Bahama Catering purchased a commercial dishwasher by paying cash of $4,700. The dishwasher's fair value on the date of the purchase was $5,080. The company incurred $400 in transportation costs, $330 installation fees, and paid a $290 fine for illegal parking while the dishwasher was being delivered. For what amount will Bahama record the dishwasher? $5,810 $5,720 $5,430 $5,080