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

Short Answer

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) $$\begin{array}{l}\begin{array} { l l l } &\underline { \text { Recoverability Test } } & \underline { \text { Fair Value Test } }\\\text { a. } & \text { Yes } & \text { Yes } \\\text { b. } & \text { Yes } & \text { No } \\\text { c } & \text { No } & \text { Yes } \\\text { d. } & \text { No } & \text { No }\end{array}\end{array}$$