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The following information is available for Bassett Company's patents: Cost Carrying amount $1,720,000 800,000 Expected future net cash flows 860,000 Fair Value 640,000 Bassett Company

The following information is available for Bassett Company's patents: Cost Carrying amount $1,720,000 800,000 Expected future net cash flows 860,000 Fair Value 640,000 Bassett Company would record a loss on impairment of Select one: O a. $0 O b. $220,000 O c. $160,000 O d. $60,000 O e. $920,000

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