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.                                                        $220millionBook value of Centerpoint’s net assets (excluding goodwill)         200millionBook value of Centerpoint’s net assets (including goodwill)          250million Required:1. Determine the amount of the impairment loss.2. Repeat requirement 1 assuming that the fair value of Centerpoint is $270 million.

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A:

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