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ABC Corporation incurred $825,000 of research and development costs to develop a product for which a patent was granted on January 2. 2018. Legal fees and other costs associated with registration of the patent totaled $150,000. In 2018, the useful life of the patent was determined to be 15 years. On January 1, 2021, ABC paid $350,000 for legal fees in a successful defense of the patent. At that time the patent was determined to have a remaining useful life of 10 years. What amount of amortization expense would ABC record in 2021? $ 48,000 $113,000 $47,000 $100,000 Which of the following statements about impairment accounting for PPE is correct? If the asset is held for disposal, the impairment loss is calculated as the excess of carrying amount over future cash flows. If the asset is held for use, the impairment loss is calculated as the excess of carrying amount over future cash flows. If the asset is held for use, the restoration of impairment loss is not permitted. If the asset is held for disposal, the restoration of impairment loss is not permitted. In 2017, Pablo Company recorded an impairment loss of $40,000 for its equipment that the company will continue to use in the future. In 2018, the fair value of the equipment has increased by $50,000. How should the company record this increase in fair value? Dr: No journal entry is necessary Dr: Equipment $50,000; Cr: Retained Earnings $50,000 Dr: Accumulated Depreciation $50,000; Cr: Recovery of Loss on Impairment $50,000 Dr: Accumulated Depreciation $40,000: Cr: Recovery of Loss on Impairment $40,000