Bruceton Farms Equipment Company had goodwill valued at $80 million on its balance sheet at year-end. A review of the goodwill by the company's CFO indicated that the goodwill was impaired and was now only worth $50 million. What is the financial statement effect of the goodwill impairment? (Enter the amount of the change, using negative numbers when appropriate.) O million Assets change by Liabilities change by $ $ O million Equity changes by 0 million Net income changes by $ 0 million

Bruceton Farms Equipment Company had goodwill valued at $80 million on its balance sheet at year-end. A review of the goodwill by the company's CFO indicated that the goodwill was impaired and was now only worth $50 million. What is the financial statement effect of the goodwill impairment? (Enter the amount of the change, using negative numbers when appropriate.) O million Assets change by Liabilities change by $ $ O million Equity changes by 0 million Net income changes by $ 0 million

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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What is the goodwill for the problem. This is what I have and it is not correct. EQUITY METHOD PARLEZ COMPANY 95% ACQUISITON $ 541,500 SAYS COMPANY 5% FAIR VALUE $ 28,500 TOTAL FAIR VALUE OF ACQUISITON $ 570,000 SAYS COMPANY ANALYSIS ITEM BOOK VALUE FAIR VALUE AMOUNT LEFT TO BE DEPRECIATE YEARS DEPRECIATION CURRENT ASSETS 170,000 170,000 EQUIPMENT 160,000 172,000 12,000 6 2,000 LAND 110,000 146,000…
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