The 2018 financial statements of Valley Vineyards include the following footnote: Note 4. Property and Equipment 2018 Winery building and hospitality7 ,378,516 center Equipment 7,162,200 14,540,716 Less accumulated depreciation (9,543,193) $4,997,523 Depreciation expense $ 669,781 Assuming Straight-line depreciation is used, the average useful life of Willamette's depreciable assets at the end of fiscal 2018 is: A) 14.2 years B) 34.6 years C) 2.4 years D) 21.7 years E) None of the above 25. In the first step of the US GAAP impairment test, an asset is considered to be impaired when the asset's carrying value is: A) Greater than the sum of discounted expected cash flows. B) Less than the sum of discounted expected cash flows. C) Less than the sum of undiscounted expected cash flows. D) Greater than the sum of undiscounted expected cash flows. E) None of the above