The following information is available for Bassett Company's patents: Question 16 Not yet answered Points out of 3.00 Flag question Cost Carrying amount Expected future net cash flows Fair Value $1,140,000 920,000 860,000 800,000 Bassett Company would record a loss on impairment of Select one: a. $340,000 b. $220,000 C. SO d. $60,000 e. $120,000 Question 17 Not yet answered Blue Sky Company's 12/31/08 balance sheet reports assets of $6,000,000 and liabilities of $1,000,000. All of Blue Sky's assets' book values approximate their fair value, except for land, which has a fair value that is $300,000 greater than its book value. On 12/31/08, Aaron Corporation paid $5,500,000 to acquire Blue Sky. What amount of goodwill should Aaron record as a result of this purchase? Points out of 3.00 Flag question Select one: a. So b. $200,000 C. $500,000 d. $800,000 e. $2,100,000