Which statement is true regarding the U.S. GAAP impairment test for limited life intangibles?

	A.	The impairment loss is calculated as the difference between fair value and original cost.
	B.	Impairment loss always equals the difference between book and fair value of the intangibles, if book value exceeds fair value.
	C.	No impairment testing is necessary if it is more likely than not that the intangibles are not impaired.
	D.	Even if the fair value of the intangible is less than its book value, it is possible that no impairment loss will be reported.

A company may use pushdown accounting to revalue its assets and liabilities to fair value when

	A.	It gains control of another company through a business acquisition.
	B.	The fair values of its assets are significantly different from book value.
	C.	Another company obtains control over it through a business acquisition.
	D.	Its book value is negative.

A subsidiary sold its parent some land at a profit of $10,000 in 2019. The parent still holds the land. On a working paper prepared to consolidate the accounts of the parent and its subsidiary in 2021, the eliminating entry connected with this land includes a $10,000 debit to:

	A.	Beginning retained earnings
	B.	No effectelimination entry is not required
	C.	Investment in subsidiary
	D.	Gain on sale of land