Chapter 11, Problem 11.18Q

To determine

Property, Plant, and Equipment:

Property, Plant, and Equipment refers to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities, for generating revenue.

Intangible Assets:

These are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. Example: Patent, Trademark, Goodwill, Copyrights.

To Explain: The meaning of the impairment value of property, plant and equipment and intangible assets, and the manner in which they should be accounted for.