Motown Corporation purchases the following assets in a lump sum purchase signing a note payable with the bank. Total Purchase Price 2,000,000 Book Asset Accounts Receivable Property, Plant & Equipment Inventory - (LIFO) Intangibles Total Value $ 156,000 $ 1,050,000 $ 156,000 $ 1,000,000 $ 2,362,000 Fair Market Value $ 156,000 $ 975,400 $ 201,000 $ 1,300,000 $ 2,632,400 25.) Compute the amount to allocate to the intangible assets. 16.) The entry to record an impairment loss on an intangible asset WITH a determinable life is (an definite life intangible): A Debit Impairment Loss and Credit Accumulated Amortization OR Credit Intangible Asset. B. Debit Amortization Expense and Credit Accumulated Amortization OR Credit Intangible Asset. C. Debit Impairment Loss and credit Accumulated Depreciation. D. Debit Impairment Loss and credit the Intangible Asset account. 17.) When an impairment of an asset occurs the ASSET section of the balance sheet is impacted how by the required journal entry? Consider the ASSET section only. A. Increases B. Decreases C. No impact