Question 24 (1 point) Wilson Inc. owns equipment for which it paid $70 million. At the end of 2018, it had accumulated depreciation on the equipment of $12 million. Due to adverse economic conditions, Wilson's management determined that it should assess whether an impairment loss should be recognized for the equipment. The estimated undiscounted future cash flows to be provided by the equipment total $60 million, and the equipment's fair value at that point is $50 million. Under these circumstances, Wilson: Would record no impairment loss on the equipment. Would record an $8 million impairment loss on the equipment. Would record a $20 million impairment loss on the equipment. None of these answer choices are correct. Question 25 (1 point) Which of the costs related to research and development would be capitalized? Development costs for software that has reached the point of technological feasibility R&D performed by the company for sale to others R&D purchased in a business acquisition All of the other answers are costs to be capitalized 819 Question 26 (1 point) The costs of research and development performed by the company for sale to other (but not yet sold would be included in which of the following accounts? Research and development expense. Sales revenue. Inventory Cost of goods sold. Question 27 (1 point) A major addition to equipment should have been capitalized in the year 2018 but was incorrectly expensed. Which of the following is (are) true? Income in 2018 is understated. Income in future years is overstated. Assets in 2018 are understated. All of these answer choices are true Question 28 (1 point The legal life of a patent is 40 years 20 years Life of the inventor plus 50 years Indefinite