Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment,one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets withcarrying amounts totaling $1,266, including goodwill of $840. Seller's reporting unit fair value is assessed at $1,168 and includes twointernally developed unrecognized intangible assets (a patent and a customer list with fair values of $244 and $87, respectively). Thefollowing table summarizes current financial information for the Sellers reporting unit:Tangible assets, netRecognized intangible assets, netGoodwillUnrecognized intangible assetsGoodwill impairment lossa.b. Tangible assets, netGoodwillPatentCustomer listCarryingAmountsa. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit.b. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the following assets of Alomar'sreporting unit Sellers?Amounts$95331840FairValues$150393?331

Goodwill is an intangible asset that arises when a company acquires another company for price which…

a. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit. b. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the following assets of Alomar's reporting unit Sellers? Goodwill impairment loss a. b. Tangible assets, net Goodwill Patent Customer list Amounts

a. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit. b. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the following assets of Alomar's reporting unit Sellers? Goodwill impairment loss a. b. Tangible assets, net Goodwill Patent Customer list Amounts

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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Question

Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment,
one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with
carrying amounts totaling $1,266, including goodwill of $840. Seller's reporting unit fair value is assessed at $1,168 and includes two
internally developed unrecognized intangible assets (a patent and a customer list with fair values of $244 and $87, respectively). The
following table summarizes current financial information for the Sellers reporting unit:
Tangible assets, net
Recognized intangible assets, net
Goodwill
Unrecognized intangible assets
Goodwill impairment loss
a.
b. Tangible assets, net
Goodwill
Patent
Customer list
Carrying
Amounts
a. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit.
b. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the following assets of Alomar's
reporting unit Sellers?
Amounts
$95
331
840
Fair
Values
$150
393
?
331

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