Weaver Boxing Company needs to determine if its indefinite-life intangibles other than goodwill have been impaired and should be reduced or written off on its balance sheet.The impairment test(s) to be used is (are) $$\begin{array}{l}\begin{array} { l l l }
&\underline { \text { Recoverability Test } } & \underline { \text { Fair Value Test } }\
\end{array}
\end{array}$$
A) $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$Yes $~~~~~~~~$ $~~~~~~~~$ Yes
B) $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ Yes$~~~~~~~~$ $~~~~~~~~~~$ No
C) $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$No$~~~~~~~~$ $~~~~~ ~~~~$ Yes
D) $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$No$~~~~~~~~$ $~~~~~~~~~~$ No

Question

Weaver Boxing Company needs to determine if its indefinite-life intangibles other than goodwill have been impaired and should be reduced or written off on its balance sheet.The impairment test(s) to be used is (are) $$\begin{array}{l}\begin{array} { l l l } 
&\underline { \text { Recoverability Test } } & \underline { \text { Fair Value Test } }\
\end{array}
\end{array}$$
A)  $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$Yes $~~~~~~~~$ $~~~~~~~~$  Yes 
B) $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ Yes$~~~~~~~~$ $~~~~~~~~~~$ No
C)  $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$No$~~~~~~~~$ $~~~~~ ~~~~$ Yes
D)  $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$No$~~~~~~~~$ $~~~~~~~~~~$  No

Quizplus · Accepted Answer

The Answer of Weaver Boxing Company needs to determine if its indefinite-life intangibles other than goodwill have been impaired and should be reduced or written off on its balance sheet.The impairment test(s) to be used is (are) $$\begin{array}{l}\begin{array} { l l l } 
&\underline { \text { Recoverability Test } } & \underline { \text { Fair Value Test } }\
\end{array}
\end{array}$$
A)  $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$Yes $~~~~~~~~$ $~~~~~~~~$  Yes 
B) $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ Yes$~~~~~~~~$ $~~~~~~~~~~$ No
C)  $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$No$~~~~~~~~$ $~~~~~ ~~~~$ Yes
D)  $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$ $~~~~~~~~$No$~~~~~~~~$ $~~~~~~~~~~$  No

Weaver Boxing Company Needs to Determine If Its Indefinite-Life Intangibles