Sloan Corporation is performing its annual test of the impairment of goodwill for its Financing reporting unit. It has determined that the fair value of the unit exceeds it carrying value. Which of the following is correct concerning this test of impairment?

1.Goodwill should be written down as impaired.

2.Impairment is not indicated and no additional analysis is necessary.

3.The assets and liabilities should be valued to determine if there has been an impairment of goodwill.

4.Goodwill should be retested at the entity level.

Costs incurred in the research phase are

1.expensed under GAAP but may be capitalized under IFRS.

2.always capitalized under both IFRS and GAAP.

3.always expensed under both IFRS and GAAP.

4.expensed under IFRS but may be capitalized under GAAP.

Which of the following represents a federally granted right?

1.Copyrights.

2.Goodwill.

3.Internet domain names.

4.Franchise.

Bryson Corporation purchased a limited-life intangible asset for $1,162,500 on May 1, 2018. It has a remaining useful life of 15 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2020 (if necessary, round your answer to the nearest dollar)?

1.$129,167

2.$155,000

3.$206,667

4.$66,667