determine the goodwill impairment Net book value of Devon 3,600,000 Goodwill included in net book value 1,400,000 Fair value of Devon 2,800,000 Fair value of Devon's identifiable net assets, excluding goodwill 5,200,000
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determine the
Net book value of Devon | 3,600,000 | ||
Goodwill included in net book value | 1,400,000 | ||
Fair value of Devon | 2,800,000 | ||
Fair value of Devon's identifiable net assets, excluding goodwill | 5,200,000 |
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- 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?Simon Company determines that its goodwill is impaired.It finds that its implied goodwill is $360,000 and itsrecorded goodwill is $400,000. The fair value of its identifiableassets is $1,450,000. What is the amount of goodwillimpaired?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…
- Laker Grind Coffee House, Inc. purchased Brian's Bakery, Inc. for $400,000. The fair market value of tangible assets received from Brian's Bakery is listed below. Building $200,000 Equipment $150,000 Furniture $50,000 Inventory $30,000 What amount of goodwill will Laker Grind Coffee House record in conjunction with this transaction? A $0 B $130,000 C) $500,000 D) $530,0001. Refer to Park Corporation and Strand Corporation, the amount of goodwill using proportionate basis (partial): P -0- P8,000 P10,000 P20,000 The amount of goodwill using full fair value (full/gross-up) basis: P -0- P8,000 P10,000 P20,000Determine whether there is any goodwill impairment and if so please calculate the goodwill impairment loss. On the date of acquisition, the following information is available: Fair Value of the reporting unit is $720,000 Fair Value of identifiable net assets $601,000 Goodwill $119,000 One year later at the first periodic review date the following information is available: Fair value of the reporting unit is $788,000 Carrying value of the reporting unit (includes goodwill) $889,000 Fair Value of identifiable net assets $766,000 $22,000
- Following is information about the reporting unit of Y company as of 12/31/19 The fair value of the reporting unit of Y company is $310,000 and the fair value of identifiable net assets excluding goodwill is $270,000. The total carrying value of the unit is $320,000. The carrying value of identifiable net assets excluding goodwill is $260,000. The carrying value of goodwill is $60,000. Required: compute the goodwill impairment loss if any for 2019. Show work $10,000 $20.000 $40,000 $0Write down goodwill Goodwill was a result of a combination of activities in 2019. After an analysis, the following information relating to goodwill was determined: Goodwill - $675000 Value in use $603,000 Fair value less cost to sell $580,000 There is no Excel tab for goodwill – you can add a tab to show your calculations. Find if there is any impairment or not. Intangible Assets During 2020, a trademark and a patent were purchased. The intangible assets are amortized on a straight-line method. To test for impairment, the following items were determined regarding the trademark: Value in use $110,000 FV less costs to sell $115,500 In the Excel spreadsheet, see the tab “Intangible Assets” to perform any necessary calculations (I have attached the picture of the excel sheet) Analyze and review the following items and determine the appropriate journal entry. Record the journal entry25 On 1/1/2019 Company A acquired the net assets of Company B for a price of 400000 JD the fair value of identifiable net assets of company B is 300000 JD. On 1/1/2020 the fair value of unit is 380000 JD, carrying value of net assets (excluding goodwill) 310000 JD fair value of identifiable net assets (INA) 330000. Compute impairment loss. Select one: a. 40000 b. 50000 c. 60000 d. No impairment
- Carla Vista Corporation acquired End-of-the-World Products on January 1, 2020 for $6150000, and recorded goodwill of $1150000 as a result of that purchase. At December 31, 2021, the End-of-the-World Products Division had a fair value of $4482000. The net identifiable assets of the Division (including goodwill) had a carrying value of $5190000 at that time. What amount of loss on impairment of goodwill should Carla Vista record in 2021? $960000 $1668000 $0 $708000Fifa Co. acquired the Green Co. on January 1,.1 2019 for £640,000,000, and recorded goodwill of £81,200 as a result of that purchase. At December 31, 2015, Green Co. had a recoverable amount of £568,000,000. The carrying value of the Fifa Company's net assets at December 31, 2019 was £592,000,000 (including goodwill). What amount of loss on impairment of goodwill should Fifa Co. ?record in 2019Levi and Peter's Athletic Emporium (LPAE) provided the following information. Fair value of the reporting unit, including goodwill $500 Fair value of the net assets, excluding goodwill $400 Book value of net assets, excluding goodwill $600 Add: Book value of goodwill 300 Book value of the reporting unit, including goodwill $900 Note that LPAE performs the quantitative test on at least an annual basis. The qualitative assessment of goodwill reveals that it is more likely than not that the goodwill is impaired. Is there a goodwill impairment loss? Prepare any required journal entries.Requirements: Conduct the impairment test for goodwill at the end of the year.Record any impairment loss on the goodwill