Required information Exercise 11-31 (Algo) Impairment; goodwill [LO11-8] [The following information applies to the questions displayed below.] In 2019, Alliant Corporation acquired Centerpoint Inc. for $370 million, of which $60 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. Book value of Centerpoint's net assets (excluding goodwill) Book value of Centerpoint's net assets (including gobdwill) $282 million 250 million 310 million Exercise 11-31 (Algo) Part 1 Required: 1. Determine the amount of the impairment loss. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10)). X Answer is complete but not entirely correct. Impairment loss $ 488 million

Required information Exercise 11-31 (Algo) Impairment; goodwill [LO11-8] [The following information applies to the questions displayed below.] In 2019, Alliant Corporation acquired Centerpoint Inc. for $370 million, of which $60 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. Book value of Centerpoint's net assets (excluding goodwill) Book value of Centerpoint's net assets (including gobdwill) $282 million 250 million 310 million Exercise 11-31 (Algo) Part 1 Required: 1. Determine the amount of the impairment loss. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10)). X Answer is complete but not entirely correct. Impairment loss $ 488 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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A6 In 2022, Alliant Corporation acquired Centerpoint Incorporated for $339 million, of which $59 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 $ 247 milli Book value of Centerpoint’s net assets (excluding goodwill) 221 milli Book value of Centerpoint’s net assets (including goodwill) 280 milli Exercise 11-31 (Algo) Part 1 Require 1. Determine the amount of the impairment loss reported in the 2024 income statement. Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10).d:ononon
Goodwill Impairment On January 1, 20Y3, The Simmons Group, Inc., purchased the assets of NWS Insurance Co. for $39,457,500, a price reflecting an $5,918,625 goodwill premium. On December 31, 20Y9, The Simmons Group determined that the goodwill from the NWS acquisition was impaired and had a value of only $2,219,484. a. Determine the book value of the goodwill on December 31, 20Y9, prior to making the impairment adjustment.$fill in the blank 1 b. Illustrate the effects on the accounts and financial statements of the December 31, 20Y9, adjustment for the goodwill impairment. For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Balance Sheet Assets = Liabilities + Stockholders' Equity Goodwill + No effect = No effect + Retained Earnings 20Y9 Dec. 31. fill in the blank 6 fill in the blank 7 fill in the…
Required information [The following information applies to the questions displayed below.] In 2022, Alliant Corporation acquired Centerpoint Incorporated for $352 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) $ 256 million 228 million 290 million 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 $318 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 million million
F51.
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A-7
Frodo Corp. bought Aardvark Co. in 2021 and appropriately recorded goodwill related to the purchase. On December 31, 2022, Frodo Corp. reports the following information relating to Aardvark Division: Amount $131,000 $393,000 $658,000 How much loss from goodwill impairment should be recognized by Frodo Corp. in 2022? $265,000 $134.000 Item Goodwill Book value of net assets (including goodwill) Fair value $0 $131,000
Q.29.
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