Domestic Alomar Co., a consolidated enterprise, conducted an Impairment review for each of its reporting units. In its qualitative assessment,one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets withcarrying amounts totaling $1,094, including goodwill of $755. Seller's reporting unit fair value is assessed at $1,028 and Includes twoInternally developed unrecognized Intangible assets (a patent and a customer list with fair values of $199 and $56, respectively). Thefollowing table summarizes current financial Information for the Sellers reporting unit:CarryingAmountsFairValuesTangible assets, net$84$137Recognized intangible assets, netGoodwill255326755?Unrecognized intangible assets255a. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit.b. After recognition of any goodwill Impairment loss, what are the reported carrying amounts for the following assets of Alomar'sreporting unit Sellers?Answer is complete but not entirely correct.AmountsGoodwill impairmenta.$66lossb.Tangible assets, net$53Goodwill689Patent$0Customer list$0

a. Goodwill impairment calculation:Fair value of Sellers reporting unit: $1,028Fair value of…

Answered: Alomar Co., a consolidated enterprise,…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 19E

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Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers has recognized net assets of $1,094, including goodwill of $755. Seller's fair value is assessed at $1,028 and includes two internally developed unrecog- nized intangible assets (a patent and a customer list with fair values of $199 and $56, respectively). The following table summarizes current financial information for the Sellers reporting unit: Fair Carrying Amounts Values Tangible assets,net $ 84 $137 Recognized intangible assets, net…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers has recognized net assets of $1,428, including goodwill of $925. Seller’s fair value is assessed at $1,235 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $283 and $74, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $ 146 $ 204 Recognized intangible assets, net 357 411 Goodwill 925 ? Unrecognized intangible assets 0 357 Total $ 1,428 $ 1,235 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying amounts for…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $985, including goodwill of $605. Seller’s reporting unit fair value is assessed at $920 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $115 and $107, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $158 $194 Recognized intangible assets, net 222 299 Goodwill 605 ? Unrecognized intangible assets 0 222 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,150, including goodwill of $660. Seller’s reporting unit fair value is assessed at $1,122 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $271 and $122, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $97 $146 Recognized intangible assets, net 393 435 Goodwill 660 ? Unrecognized intangible assets 0 393 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying amounts for…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,087, including goodwill of $580. Seller’s reporting unit fair value is assessed at $1,036 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $242 and $108, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $157 $185 Recognized intangible assets, net 350 389 Goodwill 580 ? Unrecognized intangible assets 0 350 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying amounts for…
lomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,094, including goodwill of $755. Seller’s reporting unit fair value is assessed at $1,028 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $199 and $56, respectively). The following table summarizes current financial information for the Sellers reporting unit: Carrying Amounts Fair Values Tangible assets, net $ 84 $137 Recognized intangible assets, net 255 326 Goodwill 755 ? Unrecognized intangible assets –0– 255 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit.
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,043, including goodwill of $615. Seller’s reporting unit fair value is assessed at $990 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $165 and $145, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $118 $178 Recognized intangible assets, net 310 353 Goodwill 615 ? Unrecognized intangible assets 0 310 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying amounts for…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers has recognized net assets of $1,316, including goodwill of $795. Seller’s fair value is assessed at $1,291 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $273 and $133, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $ 115 $ 144 Recognized intangible assets, net 406 463 Goodwill 795 ? Unrecognized intangible assets 0 406 Total $ 1,316 $ 1,291 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying amounts for…
Apollo Company, a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Stande, emerged as a candidate for possible goodwill impairment. Stande had recognized net assets with carrying amounts totaling $1,043, including goodwill of $615. Stande’s reporting unit fair value is assessed at $990 and includes two internally developed unrecognized intangible assets (a patent and a royalty agreement with fair values of $165 and $145, respectively). The following table summarizes current financial information for the Stande reporting unit: Items Carrying Amounts Fair Values Tangible assets, net $ 118 $ 178 Recognized intangible assets, net 310 353 Goodwill 615 ? Unrecognized intangible assets 0 310 Required: Determine the amount of any goodwill impairment for Apollo’s Stande reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying…
fast and do not copy from chegg Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers has recognized net assets of $1,316, including goodwill of $795. Seller’s fair value is assessed at $1,291 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $273 and $133, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $ 115 $ 144 Recognized intangible assets, net 406 463 Goodwill 795 ? Unrecognized intangible assets 0 406 Total $ 1,316 $ 1,291 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the…
On December 31, an entity had a reporting unit that had a book value of $3,450,000, including goodwillof $225,000. As part of its annual review of goodwill impairment, the entity determined that the fair value of the reporting unit was $3,310,000. The entity assigned $3,170,000 of the reporting units fair value to its assets and liabilities other than goodwill. What is the goodwill impairment loss to be reported on December 31 under the new standard
Simon Company determines that its goodwill is impaired. It finds that the book value of its reporting unit is $1,490,000, including recorded goodwill of $400,000. The fair value of the identifiable assets of the reporting unit is $1,450,000. What is the amount of goodwill impaired?

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