Case The company controller, Barry Melrose, has asked for your help in interpreting the au cation; intangible assets. "We have a significant vant of our divisions is currently considering disposing of a large group of depreciable assets. ature that addresses the recognition and measurement of impairment losses for property. P amount of goodwill on our books from last year's acquisition of Chur chill Corporation. Also, I think we may have a problem with the assets of some of our factories outW Your task as assistant controller is to research the issue. and ative Required: lant, and equip- 1. Obtain the relevant authoritative literature on accounting for the impairment of property, p at the ment and intangible assets using the FASB Accounting Standards Codification. You might gain access plant, and mnt FASB website (www.fasb.org). Cite the reference locations regarding impairment of property plant, ent le equipment and intangible assets n should property, plant, and equipment and finite-life intangible assets be tested for impairment? 2. When he process for measuring an impairment loss for property, plant, and equipment and finite-life intan- gible assets to be held and used. t are the specific criteria that must be met for an asset or asset group to be classified as held-for-sale? What is the specific citation reference from the FASB Accounting Standards Codification that contains these 5. Explain the process for measuring an impairment loss for property, plant, and equipment and finite-life intan- At the beginning of 2016, the Healthy Life Food Company purchased equipment for $42 million to be used in the 4. Wha criteria? gible assets classified as held-for-sale. frozon fonds The enuinment was estimated to have a 10-year service life