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Sheffield Inc. purchased Manzanita Marine on June 1, 2018 for $24992000 and recorded goodwill of $3112000 in connection with the purchase. At December 31, 2021, the Manzanita Marine Division had a fair value of $25393000. The carrying amount of the net assets of Manzanita (including goodwill) had a value of $24905000 at that time. What amount of loss on impairment of goodwill should Sheffield record in 2021? $488000. $575000. $0. $25567000.

Sheffield Inc. purchased Manzanita Marine on June 1, 2018 for $24992000 and recorded goodwill of $3112000 in connection with the purchase. At December 31, 2021, the Manzanita Marine Division had a fair value of $25393000. The carrying amount of the net assets of Manzanita (including goodwill) had a value of $24905000 at that time. What amount of loss on impairment of goodwill should Sheffield record in 2021? $488000. $575000. $0. $25567000.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Sheffield Inc. purchased Manzanita Marine on June 1, 2018 for $24992000 and recorded goodwill of $3112000 in connection with the purchase. At December 31, 2021, the Manzanita Marine Division had a fair value of $25393000. The carrying amount of the net assets of Manzanita (including goodwill) had a value of $24905000 at that time. What amount of loss on impairment of goodwill should Sheffield record in 2021? $488000. O $575000. $0. O $25567000. Save for Later Attempts: 0 of 1 used Submit Answer
Transcribed Image Text:Sheffield Inc. purchased Manzanita Marine on June 1, 2018 for $24992000 and recorded goodwill of $3112000 in connection with the purchase. At December 31, 2021, the Manzanita Marine Division had a fair value of $25393000. The carrying amount of the net assets of Manzanita (including goodwill) had a value of $24905000 at that time. What amount of loss on impairment of goodwill should Sheffield record in 2021? $488000. O $575000. $0. O $25567000. Save for Later Attempts: 0 of 1 used Submit Answer
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