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XYZ Company acquired a trademark for $120,000 on January 1st, 2023. The trademark has an indefinite useful life. Calculate: a) Annual impairment loss for the

XYZ Company acquired a trademark for $120,000 on January 1st, 2023. The trademark has an indefinite useful life. Calculate: a) Annual impairment loss for the trademark if the fair value decreased to $100,000 at the end of the year. b) Carrying amount of the trademark after impairment. c) Journal entry to record the impairment loss.

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