Libra Inc., a U.S. company, acquired two companies in 2018. As a result, its consolidated finanical statements included the following intangible assets:
It is now December 31, 2021, the year end for Libra Inc.. No impairment lossses were reported on any intangible assets in 2018, 2019, 2020, or 2021.
1. Is the intangible asset impaired? Record any necessary entries for the impairment losses in 2021.