Bruceton Farms Equipment Company had goodwill valued at $80 million on its balance sheet at year-end. A review of the goodwill by the company's CFO indicated that the goodwill was impaired and was now only worth $50 million. What is the financial statement effect of the goodwill impairment? (Enter the amount of the change, using negative numbers when appropriate.) Assets change by $4 * million Liabilities change by $ x million Equity changes by $ x million Net income changes by $ * million

Bruceton Farms Equipment Company had goodwill valued at $80 million on its balance sheet at year-end. A review of the goodwill by the company's CFO indicated that the goodwill was impaired and was now only worth $50 million. What is the financial statement effect of the goodwill impairment? (Enter the amount of the change, using negative numbers when appropriate.) Assets change by $4 * million Liabilities change by $ x million Equity changes by $ x million Net income changes by $ * million

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 30P

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Bruceton Farms Equipment Company had goodwill valued at $80 million on its balance sheet at year-end.A review of the goodwill by the company’s CFO indicated that the goodwill was impaired and was now only worth $50 million.What is the financial statement effect of the goodwill impairment? (Enter the amount of the change, using negative numbers when appropriate.) Assets change by million Liabilities change by million Equity changes by million Net income changes by million
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