Questions related to Fixed Assets and Intangible Assets: 1. Explain what things should be included in the cost of a fixed asset. 2. 3. 4. 5. 6. Explain what things should be included in the cost of an intangible asset. Name a fixed asset which is NOT depreciated. Name an intangible asset which is NOT amortized. How do you determine if a fixed asset has been impaired? How do you determine if an intangible asset has been impaired? If your equipment is impaired, what will that do to the depreciation for the remaining life of your equipment? Your company has $147,000 of Goodwill on your books. How did you obtain it? Your company exchanged a patent and paid an additional $50,000 in cash for a new building. The patent cost $24,000, had a book value of $10,000, and a fair market value of $120,000. What amount should you record as the cost of the new building? 7. 8. 9. 10. When should interest be considered part of the cost of a fixed asset