Problem 11-12 (Updated for ASU 2017-04) Depreciation and amortization; Impalment [LO11-2, 11-4, 11-8] At the beginning of 2019, Metatec Inc, acquired Ellison Technology Corporation for $580 million. In addition to cash receivables, and inventory, the following assets and their fair values were also acquired: Plant and equipment (depreciable assets) $148 million Patent 38 million Goodwill 100 million The plant and equipment are depreciated over a 10-year useful life on a straight-line basis. There is no stimated residual value. The patent is estimated to have a 5-year useful life, no residual value, and is amortized using the straightine method At the end of 2021, a change in business climate indicated to management that the assets of Ellison might be impaired. The following amounts have been determined: $70 illion 58 illion Plant and equipment: Undiscounted sun of future cash flows Fair value Patent: Undiscounted sum of future cash flows Fair value Goodwill: Fair value of Ellison Technology Corporation Fair value of Ellison's net assets (excluding goodwill) Book value of Ellison's net assets (including goodwill) $ 20 million 13 million $428 million 370 million 450 million Aner first recording any impairment losses on plant and equipment and the patent Required: 1. Compute the book value of the plant and equipment and patent at the end of 2021 4. Determine the amount of any impairment loss to be recorded, if any, for the three assets Complete this question by entering your answers in the tabs below. Required 1 Required 4 Draw 6 Next