Which of the following statements is/are correct? 1. The cost of disposal includes legal cost, stamp and similar transaction tax and cost of removing the asset. 2. An active market is the market with the greatest volume and level of activity for the asset or liability 3. An entity shall test an intangible asset with indefinite useful life for impairment annually, irrespective of whether there is indication of impairment. 4. The fair value of an asset is the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurment date 5. A cash generating unit is the smallest group of assets that generate cash inflows from continuing use that are largely dependent of the cash inflows from other group of assets 6. The recoverable amount of an individual corporate asset cannot be determined unless management has decided to dipose of the the asset.

Which of the following statements is/are correct? 1. The cost of disposal includes legal cost, stamp and similar transaction tax and cost of removing the asset. 2. An active market is the market with the greatest volume and level of activity for the asset or liability 3. An entity shall test an intangible asset with indefinite useful life for impairment annually, irrespective of whether there is indication of impairment. 4. The fair value of an asset is the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurment date 5. A cash generating unit is the smallest group of assets that generate cash inflows from continuing use that are largely dependent of the cash inflows from other group of assets 6. The recoverable amount of an individual corporate asset cannot be determined unless management has decided to dipose of the the asset. 7. The best evidence of fair value is the quoted price in an active market for a similar asset 8. The impairment of asset is a decline in value of the asset so that the recoverable amount is more than the carrying amount 9. Impairment loss on goodwill is never reversed. 10. Value in use of an asset is equal to the discounted future net cash flows from the use and eventual disposition of the asset