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 $1,366, including goodwill of $915. Seller's reporting unit fair value is assessed at $1,181 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $222 and $115, respectively). The following table summarizes current financial information for the Sellers reporting unit: Tangible assets, net Recognized intangible assets, net Goodwill Unrecognized intangible assets Carrying Amounts $114 337 915 0 Fair Values $160 387 ? 337 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?

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 $1,366, including goodwill of $915. Seller's reporting unit fair value is assessed at $1,181 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $222 and $115, respectively). The following table summarizes current financial information for the Sellers reporting unit: Tangible assets, net Recognized intangible assets, net Goodwill Unrecognized intangible assets Carrying Amounts $114 337 915 0 Fair Values $160 387 ? 337 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?

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

100%

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 $1,366, including goodwill of $915. Seller's reporting unit fair value is assessed at $1,181 and includes two
internally developed unrecognized intangible assets (a patent and a customer list with fair values of $222 and $115, respectively). The
following table summarizes current financial information for the Sellers reporting unit:
Tangible assets, net
Recognized intangible assets, net
Goodwill
Unrecognized intangible assets
a.
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?
b.
Goodwill impairment loss
Tangible assets, net
Goodwill
Patent
Customer list
Carrying
Amounts
$114
337
915
0
Amounts
Fair
Values
$160
387
?
337

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