Using the dropdowns provided, answer the following true or false questions.

• CancerCure Co. has developed a drug that will cure lung cancer in a single dose. CancerCure spent $90,000 on lab space and $9,000,000 on scientist salaries to develop the drug. CancerCure also spent $10,000 to file a patent on the drug with the US government. Further, CancerCure successfully sued another company who tried to steal the recipe for the drug and spent $5,000 on legal fees. True or false: CancerCure's patent should be valued at $10,000 on its balance sheet. [ Select ] ["True", "False"]
• When a piece of equipment lasts longer than expected, a company must record a gain. [ Select ] ["True", "False"]
• Elspeth realizes that equipment she spent a lot of money on is worth much less than expected, so she records an impairment loss. True or false: This entry will require a reduction to the equipment's Accumulated Deprecation [ Select ] ["True", "False"]
• Ronaldo Company decides to retire a piece of equipment. At the time of retirement, the equipment has a net book value of $150. True or false: This retirement will definitely result in a loss. [ Select ] ["True", "False"]
• If a company determines that an asset is impaired, it should record an impairment loss for the difference between the net book value and estimated future cash flows. [ Select ] ["True", "False"]