Sky Co . organized in 2 0 2 5 , provided you with the following info .
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Question:
Sky Coorganized in provided you with the following info Purchased a license for $ on July The license gives Sky exclusive rights to sell its services in the tristate region and will expire on July Purchased a patent on Jan for $ It is estimated to have a year life.Costs incurred to develop an exclusive Internet connection process as of June were $ The process has an indefinite life On July legal fees for successful defense of the patent purchased onJanuary were $R&D costs incurred as of September were $INSTRUCTIONS round your answers to the nearest dollarAt December an impairment test is performed on the license purchased in It is estimated that the net cash flows to be received from the license will be $ and its fair value is $
Compute the amount of impairment and prepare the impairment journal entry, if any, to be recorded on December
aWhat is the Book Value of the patent as at December
b What is the Book Value of the license as at December
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