Brookfield Corporation acquired Sunset Industries on January 1, 2015 for $5,500,000, and recorded goodwill of $900,000 as a result of that purchase. At December 31, 2015, the Sunset Industries Division had a fair value of $4,700,000. The net identifiable assets of the Division (excluding goodwill) had a fair value of $4,000,000 at that time. What amount of loss on impairment of goodwill should Brookfield Corporation record in 2015?
Brookfield Corporation acquired Sunset Industries on January 1, 2015 for $5,500,000, and recorded goodwill of $900,000 as a result of that purchase. At December 31, 2015, the Sunset Industries Division had a fair value of $4,700,000. The net identifiable assets of the Division (excluding goodwill) had a fair value of $4,000,000 at that time. What amount of loss on impairment of goodwill should Brookfield Corporation record in 2015?
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Transcribed Image Text:Brookfield Corporation acquired Sunset Industries
on January 1, 2015 for $5,500,000, and recorded
goodwill of $900,000 as a result of that purchase. At
December 31, 2015, the Sunset Industries Division
had a fair value of $4,700,000. The net identifiable
assets of the Division (excluding goodwill) had a fair
value of $4,000,000 at that time.
What amount of loss on impairment of goodwill
should Brookfield Corporation record in 2015?
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