Exercise 11-31 (Algo) Impairment; goodwill [LO11-8) [The following information applies to the questions displayed below] In 2022, Alliant Corporation acquired Centerpoint Incorporated for $412 million, of which $62 million was allocated to goodwill. At the end of 2024, management has provided the following information for a required goodwill impairment test: Fair value of Centerpoint Incorporated Book value of Centerpoint's net assets (excluding goodwill) Book value of Centerpoint's net assets (including goodwill) $ 318 million 208 million 350 million ercise 11-31 (Algo) Part 2 & 3 2. Determine the amount of goodwill reported in the year-end 2024 balance sheet. 3. Determine the amount of the impairment loss assuming that the fair value of Centerpoint is $380 million. Note: For all requirements, enter your answer in millions (l.e., 10,000,000 should be entered as 10).
Exercise 11-31 (Algo) Impairment; goodwill [LO11-8) [The following information applies to the questions displayed below] In 2022, Alliant Corporation acquired Centerpoint Incorporated for $412 million, of which $62 million was allocated to goodwill. At the end of 2024, management has provided the following information for a required goodwill impairment test: Fair value of Centerpoint Incorporated Book value of Centerpoint's net assets (excluding goodwill) Book value of Centerpoint's net assets (including goodwill) $ 318 million 208 million 350 million ercise 11-31 (Algo) Part 2 & 3 2. Determine the amount of goodwill reported in the year-end 2024 balance sheet. 3. Determine the amount of the impairment loss assuming that the fair value of Centerpoint is $380 million. Note: For all requirements, enter your answer in millions (l.e., 10,000,000 should be entered as 10).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Exercise 11-31 (Algo) Impairment; goodwill [LO11-8]
[The following information applies to the questions displayed below.]
In 2022, Alliant Corporation acquired Centerpoint Incorporated for $412 million, of which $62 million was allocated to
goodwill. At the end of 2024, management has provided the following information for a required goodwill impairment test:
Fair value of Centerpoint Incorporated
Book value of Centerpoint's net assets (excluding goodwill)
Book value of Centerpoint's net assets (including goodwill)
Exercise 11-31 (Algo) Part 2 & 3
2. Determine the amount of goodwill reported in the year-end 2024 balance sheet.
3. Determine the amount of the impairment loss assuming that the fair value of Centerpoint is $380 million.
Note: For all requirements, enter your answer in millions (i.e., 10,000,000 should be entered as 10).
2. Goodwill
3. Impairment loss
$ 318 million
288 million
350 million
million
million](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe26e026b-6633-47f0-aa6b-4de5e5a31441%2Ffb9c68dd-c0c0-47ef-b4b4-c3c8f4d945f9%2Facrubnc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Exercise 11-31 (Algo) Impairment; goodwill [LO11-8]
[The following information applies to the questions displayed below.]
In 2022, Alliant Corporation acquired Centerpoint Incorporated for $412 million, of which $62 million was allocated to
goodwill. At the end of 2024, management has provided the following information for a required goodwill impairment test:
Fair value of Centerpoint Incorporated
Book value of Centerpoint's net assets (excluding goodwill)
Book value of Centerpoint's net assets (including goodwill)
Exercise 11-31 (Algo) Part 2 & 3
2. Determine the amount of goodwill reported in the year-end 2024 balance sheet.
3. Determine the amount of the impairment loss assuming that the fair value of Centerpoint is $380 million.
Note: For all requirements, enter your answer in millions (i.e., 10,000,000 should be entered as 10).
2. Goodwill
3. Impairment loss
$ 318 million
288 million
350 million
million
million
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