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ABC Ltd. has a subsidiary that has an intangible capital asset. It has not been...

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Accounting

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ABC Ltd. has a subsidiary that has an intangible capital asset. It has not been recorded on the subsidiary's books, but at the date of acquisition, the asset had a fair value of $250,000 and an indefinite economic life. How should ABC show the asset on its consolidated statement of financial position? $250,000 less accumulated amortization (calculated over 40 years) and any impairment losses. $250,000 less accumulated amortization (calculated over 10 years) and any impairment losses. $250,000 less any impairment losses. The company should not show the asset on the consolidated financial statement as the subsidiary does not do so

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