A corporation needing cash sells securities to investors in the secondary market

Regarding impairment of intangible assets, which of the following statements is incorrect?

A) Impairment occurs when the fair value of an intangible asset is less than the book value. B) Intangible assets are impaired when there has been a permanent decline in the value of the asset. C) Intangible assets are tested for impairment annually. D) If any impairment occurs, the company records a loss in the period in which the intangible asset was acquired.

Susan Luckman decided to change her car and decided to purchase a white 2013Toyota Corolla from Brice Used Car Dealers. Two weeks later, Susan went to pick up her new car and discovered that the windshield wipers and lights were not working properly

Susan refused to accept the car and pay the remainder of the agreed purchase price. Which of the following statements is TRUE? A) Susan must accept the car but can claim against Brice for the cost of the necessary repairs. B) Brice breached a warranty of the contract and as such Susan has the right to terminate the contract and obtain a refund of the monies already paid. C) Brice breached a condition of the contract and as such Susan will be entitled to terminate it and obtain a refund of the monies paid. D) Brice has fundamentally breached the contract and Susan can seek punitive damages E) Susan will be obliged to accept the car and pay the remainder of the price as the contract was substantively performed by Brice.