PLEASE HELP WITH THESE MULTIPLE CHOICE PROBLEMS!!!

Falcon Company reports the following intangibles at December 31, 2016, prior to impairment testing.

Book Value

Customer Lists $1,500,000

Brand Names $5,200,000

Goodwill $8,000,000

The customer lists have a limited life and amortization for the year has already been properly recorded. The brand names have indefinite lives. The goodwill is allocated to Divisions Blue and White for both U.S. GAAP and IFRS. Assume Falcon bypasses Step 0 qualitative assessment for both the brand names and goodwill. On 12/31/2016, the following information is available.

Blue Division White Division

Book Value of Goodwill $ 1,600,000 $ 6,400,000

FV of Division $14,000,000 $20,000,000

BV of Division $16,000,000 $24,000,000

FV of identifiable net assets of the Division $13,000,000 $12,000,000

Intangible Asset Total expected Total expected

Future cash inflows Future cash flows

Undiscounted Discounted

Customer Lists $1,600,000 $1,200,000

Brand Names $4,000,000 $3,400,000

QUESTION 7:

Impairment loss for 2016 under IFRS for the customer lists and brand names is

a.	$300,000
b.	$1,800,000
c.	$2,100,000
d.	$0

QUESTION 8:

Goodwill impairment loss for 2016 under IFRS is

a.	$6,000,000
b.	$5,600,000
c.	$600,000
d.	$0

QUESTION 9:

Goodwill impairment loss for 2016 under U.S. GAAP is

a.	$0
b.	$6,000,000
c.	$5,600,000
d.	$600,000

QUESTION 10:

Impairment loss for 2016 under U.S. GAAP for the customer lists and brand names is

a.	$2,100,000
b.	$1,800,000
c.	$0
d.	$300,000