FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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**Goodwill Impairment** 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 | The user is prompted to enter the appropriate figures to reflect changes due to the goodwill impairment. The "Check" button presumably allows users to verify their input.
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Transcribed Image Text:**Goodwill Impairment** 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 | The user is prompted to enter the appropriate figures to reflect changes due to the goodwill impairment. The "Check" button presumably allows users to verify their input.
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