In 2018, Martin Corp. acquired Glynco and recorded goodwill of $45 million. Martin considers Glynco a separate reporting unit. By the end of 2021, the net assets (including goodwill) of Glynco are $320 million and its estimated fair value is $260 million. The amount of the impairment loss that Martin would record for goodwill at the end of 2021 is: A) $0. B) $60 million. C) $45 million. D) $15 million.
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- IIn 2018, Martin Corp. acquired Glynco and recorded goodwill of $100 million. Martin considers Glynco a separate reporting unit. By the end of 2021, the net assets (including goodwill) of Glynco are $320 million and its estimated fair value is $260 million. The amount of the impairment loss that Martin would record for goodwill at the end of 2021 is:In2018 Martin Corp.acquired and recorded good will of $45 million .martin consider Glynco a separate reporting unit.by the end of 2021,the assets (including goodwil of Glynco are $320 milion and its estimated fair value is $260million.the amount of the impairment loss that martin would record for goodwill at the end of 2021 is:) 1) $0. 2)$60Million. 3)$45 Million. 4)$15Million.In 2019, Alliant Corporation acquired Centerpoint Inc. for $300 million, of which $50 million was allocated to goodwill. At the end of 2021, management has provided the following information for a required goodwill impairment test: Fair value of Centerpoint Inc. $ 220 million Book value of Centerpoint’s net assets (excluding goodwill) 200 million Book value of Centerpoint’s net assets (including goodwill) 250 million 1. Determine the amount of the impairment loss. 2. Determine the amount of the impairment loss assuming that the fair value of Centerpoint is $270 million.
- Wildhorse Corporation acquired End-of-the-World Products on January 1, 2020 for $6250000, and recorded goodwill of $1170000 as a result of that purchase. At December 31, 2021, the End-of-the-World Products Division had a fair value of $4580000. The net identifiable assets of the Division (including goodwill) had a carrying value of $5290000 at that time. What amount of loss on impairment of goodwill should Wildhorse record in 2021?In 2021, Dooling Corporation acquired Oxford Company for $250 million, of which $50 million was recorded as goodwill. Dooling tests for goodwill impairment at the end of each fiscal year. At the end of 2021, Dooling's accountants provide the following information: Book value of Oxford company (including goodwill) ..................... $234.5 million fair value of Oxford Company’s tangible and intangible assets (excluding goodwill) ........................................................... $204.9 million fair value of Oxford Company .................................................. $225 million how much goodwill impairment loss should Dooling Corporation report at the end of 2021?In 2021, Colburn Inc. had acquired Pebble Co. and recorded goodwill of $245 million as a result. The net assets (including goodwill) from Colburn's acquisition of Pebble Co. had a 2022 year-end book value of $580 million. Colburn assessed the fair value of Pebble at this date to be $700 million, while the fair value of all of Pebble 's identifiable tangible and intangible assets (excluding goodwill) was $550 million. The amount of the impairment loss that Colburn would record for goodwill at the end of 2022 is: $0. $95 million. $150 million. None of the above is correct.
- Group Ccc-Three Ltd has identified its non-current assets consist of three classes: goodwill, land and plant.Details of items included in each class appear below.GoodwillTotal goodwill is $580,000 and no impairments have previously been recorded.$300,000 of this total relates to the purchase of Company F on 1 February 2020. The estimated fair valueof this goodwill at 30 June 2021 is $350,000.The remaining $280,000 of the total goodwill relates to the purchase of Company G on 1 January 2021.The estimated recoverable amount of this goodwill at 30 June 2021 is $250,000.LandLand was acquired on 1 June 2016 for $2,100,000. The estimated market value of the land at 30 June2021 is $2,600,000. However, if the land was sold, disposal costs of $90,000 would be incurred.PlantPlant was originally acquired for $270,000 on 1 September 2017. When purchased, the plant wasconsidered to have a nil residual value and a 10 year useful life for both accounting and tax purposes.The estimated market value of…In 2023, Antle Incorporated had acquired Demski Company and recorded goodwill of $245 million as a result. The net assets (including goodwill) from Antle's acquisition of Demski Company had a 2024 year-end book value of $580 million. Antle assessed the fair value of Demski reporting unit at this date to be $700 million, while the fair value of all of Demski's identifiable tangible and intangible assets (excluding goodwill) was $550 million. The amount of the impairment loss that Antle would report for goodwill at the end of 2024 is: Multiple Choice $0. $120 million. $150 million. $95 million.On January 2, 2019, Tweety Company purchased Sylvester Company at a cost that resulted in recognition of goodwill of P1,000,000, having an expected benefit period of 10 years. During the first quarter of 2019, Tweety spent an additional P400,000 on expenditures designed to maintain goodwill. expenditures, at December 31, 2019, Tweety estimated that the benefit period of goodwill was 20 years. Due to these In its December 31, 2019 statement of financial position, what amount should Tweety Company report as goodwill? Answer: 1,000,000 Give a solution to this answer.
- 1. Determine the impairment loss, if any, to be recorded on December 31,2020 a) Assume that the fair Value of the Conchita Division is 41764000 instead of $1850000. Determine the impairment loss, if any, to be recorded on December 31,2020 b) Prepare the journal entry to record the impairment loss, if any, and indicate where loss would be reported in the income statementCarmela Company acquired a financial instrument for P4,000,000 on March 31, 2020. The financial instrument is classified at financial asset at fair value through other comprehensive income. The direct acquisition costs incurred amounted to P700,000. On December 31, 2020, the fair value of the instrument was P5,500,000 and the transaction costs that would be incurred on the sale of the investment are estimated at P600,000. What gain should be recognized in the other comprehensive income for the year ended December 31, 2020? a.Nil b.P900,000 c.P800,000 d.P200,000On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $420 million. The fair value of Harman’s identifiable tangible and intangible assets totaled $512 million, and the fair value of liabilities assumed by Pesky was $150 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. $400 millionFair value of Harman’s net assets (excluding goodwill) 370 millionBook value of Harman’s net assets (including goodwill) 410 million Required:1. Determine the amount of goodwill that resulted from the Harman acquisition.2. Determine the amount of goodwill impairment loss that Pesky should recognize at the end of 2021, if any.3. If an impairment loss is required, prepare the journal entry to record the loss.
