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 $1,094, including goodwill of $755. Seller’s reporting unit fair value is assessed at $1,028 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $199 and $56, respectively). The following table summarizes current financial information for the Sellers reporting unit: Carrying Amounts Fair Values Tangible assets, net $84 $137 Recognized intangible assets, net 255 326 Goodwill 755 ? Unrecognized intangible assets 0 255 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. 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
| Carrying Amounts |
Fair Values |
||
| Tangible assets, net | $84 | $137 | |
| Recognized intangible assets, net | 255 | 326 | |
| Goodwill | 755 | ? | |
| Unrecognized intangible assets | 0 | 255 | |
-
Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit.
-
After recognition of any goodwill impairment loss, what are the reported carrying amounts for the following assets of Alomar’s reporting unit Sellers?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
