Q:Question:has a patent with a cost of $426,000 and accumulated amortization of $291,000, which was not used much during the current year. Management has determined that undiscounted future cash flows are $132,800 while the discounted cash flows are $119,520. The fair value of the equipment is $137,900 and would cost management $3,900 to sell it. Sunland Corp. has asked you, to prepare any impairment loss journal entries required under (1) IFS and (2)A:Answer:See a step by step answer