On December 31, an entity had a reporting unit that had a book
value of $3,450,000, including goodwill
of $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 (see attached ASU)? (Please show me your
calculation)
Please show all steps and explanations as to how you got there
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