24. Badreah Company acquired 90% of Rose Company several years ago for which the considerationtransferred included an amount paid for goodwill of $200,000 at that date. During 2020 an analysisof the fair value of Roxy's assets determined an impairment of goodwill in the amount of$50,000.There was a goodwill of 25,000 in the books of the subsidiary and 100,00 in the books of theparent.At what amount would consolidated goodwill be reported for 2020?1. $150,000.2. $100,000.3. $25,000.4,.$175,0005. $275,,000.

Based on the given information, Particulars Amount Recorded goodwill $200,000 Less: Impaired…

Answered: 24. Badreah Company acquired 90% of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Fairgate Company’s 12/31/21 statement of financial position reports assets of $6,000,000 and liabilities of $2,500,000. All of the book values of Fairgate’s assets approximate their fair value, except for land, which has a fair value that is $400,000 greater than its book value. On 12/31/21, Morris Corporation paid $6,500,000 to acquire Fairgate. What amount of goodwill should Morris record as a result of this purchase?
A6 In 2022, Alliant Corporation acquired Centerpoint Incorporated for $339 million, of which $59 million was allocated to goodwill. At the end of 2024, management has provided the following information for a required goodwill impairment test: Fair value of Centerpoint Incorporated $ 247 milli Book value of Centerpoint’s net assets (excluding goodwill) 221 milli Book value of Centerpoint’s net assets (including goodwill) 280 milli Exercise 11-31 (Algo) Part 1 Require 1. Determine the amount of the impairment loss reported in the 2024 income statement. Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10).d:ononon
26. On January 1, 2022, Campbell Corp. purchases 100% of Manning Inc. for $9.6 million. At the time of acquisition, the fair market value of Manning's tangible net assets (excluding goodwill) is $7.9 million. Campbell ascribes the excess of $1,700,000 to goodwill. During the year the fair value of Manning declines to $8.0 million and the fair value of Manning's tangible net assets is estimated at $6.8 million as of December 31, 2022. a. Determine if the goodwill has become impaired and, if so, the amount of the impairment. b. What impact does the impairment of goodwill have on Campbell Corp's financial statements?
Snowy Ltd acquires Pax Ltd on 1 July 2018 for $5,000,000 being the fair value of the consideration transferred. At that date, Pax Ltd’s net identifiable assets have a fair value of $4,400,000. Goodwill of $600,000 is therefore thedifference between the aggregate of the consideration transferred and the net identifiable assets acquired.The fair value of the net identifiable assets of Pax Limited are determined as follows:($000)Patent rights200Machinery1,000Buildings1,500Land2,3005,000Less: Bank loan600Net assets4,400At the end of the reporting period of 30 June 2019, the management of Snowy Ltd determines that the recoverable amount of the cash-generating unit, which is considered to be PaxLtd, totals $4,500,000. The carrying amount of the net identifiable assets of Pax Ltd, excluding goodwill, is unchanged and remains at $4,400,000.Required: a)Prepare the journal entry to account for any impairment of goodwill.
Required information [The following information applies to the questions displayed below.] In 2022, Alliant Corporation acquired Centerpoint Incorporated for $352 million, of which $62 million was allocated to goodwill. At the end of 2024, management has provided the following information for a required goodwill impairment test: Fair value of Centerpoint Incorporated Book value of Centerpoint's net assets (excluding goodwill) Book value of Centerpoint's net assets (including goodwill) $ 256 million 228 million 290 million 2. Determine the amount of goodwill reported in the year-end 2024 balance sheet. 3. Determine the amount of the impairment loss assuming that the fair value of Centerpoint is $318 million. Note: For all requirements, enter your answer in millions (i.e., 10,000,000 should be entered as 10). 2. Goodwill 3. Impairment loss million million
Hw.104. On January 3, Luna Inc. acquired all noncash assets and assumed all liabilities of Saturn Company at a cash purchase price of $960,000. Luna determined that the fair value of the assets acquired in the transaction is $1,120,000 and the fair value of liabilities is $480,000. The book value of the net assets at the purchase date was $600,000. a. Determine the amount of goodwill recorded by Luna upon purchase of Saturn Company. b. Assume that Luna is a private company that elects to amortize goodwill on a straight-line basis over 10 years. Prepare the amortization entry at December 31
F51.
Subject - account Please help me. Thankyou.
WebHelper Incorporated acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $46.4 million, of which $17.8 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of SCC, $48.2 million; book value of SCC’s net assets (including goodwill), $46.2 million. What amount of impairment loss should WebHelper report in its income statement? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10).
On the date of the second purchase. CPA determines that the equipment of Sticky was understated by P150,000 and had a 5-year remaining life. All other book values approximate fair values. Any remaining excess is attributed to goodwill. On January 1, 2015 consolidated statement of financial position, what is the amount of goodwill to be reported?

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