Determine if goodwill should be impaired. 2. Prepare the journal entry required for the impairment, if necessary.

In 2019, Alliant Corporation acquired Centerpoint Inc. for $300 million, of which $50 million was allocated to goodwill. At the end of 2021, management has provided the following information for a required goodwill impairment test:   Fair value of Centerpoint Inc. $ 220 million Book value of Centerpoint’s net assets (excluding goodwill)   200 million Book value of Centerpoint’s net assets (including goodwill)   250 million 1. Determine the amount of the impairment loss. 2. Determine the amount of the impairment loss assuming that the fair value of Centerpoint is $270 million.

In2018 Martin Corp.acquired and recorded good will of $45 million .martin consider Glynco a separate reporting unit.by the end of 2021,the assets (including goodwil of Glynco are $320 milion and its estimated fair value is $260million.the amount of the impairment loss that martin would record for goodwill at the end of 2021 is:) 1) $0. 2)$60Million. 3)$45 Million. 4)$15Million.

Ajax is reviewing its previous 100% acquisition of Baxter to determine if there is goodwill impairment. At December 31, 2020 Ajax has recorded Goodwill of $330,000 on its books relating to this acquisition. At December 31, 2020, Baxter had a book value of net assets of $400,000 (excluding goodwill) and an estimated fair value for the company of $600,000.  What is the amount (if any) of the goodwill write-off required to be booked by Ajax at December 31, 2020 under the FASB rules effective in 2020

Bramble Corporation purchased Marin Company 3 years ago and at that time recorded goodwill of $420,000. The Marin Division's net assets, including the goodwill, have a carrying amount of $840,000. The fair value of the division is estimated to be $1,010,000. Prepare Brambles' journal entry, if necessary, to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media

On May 1, 2020, Hug Company leased equipment to Rave Company which expires on May 1, 2021. Rave could have bought the equipment from Hug for P3,200,000 instead of leasing it. Hug's accounting records showed a carrying amount for the equipment on May 1, 2020 of P2,800,000. Hug's depreciation on the equipment in 2020 was P360,000.During 2020, Rave paid P720,000 in rentals to Hug for the 8-month period. Hug incurred maintenance and other related costs under the terms of the lease of P64,000 in 2020. After the lease with Rave expires, Hug will lease the equipment to another entity tor two years. What is the pretax income derived by Hug for 2020? a. 296,000 b. 360,000 C. 656,000 d. 720,000

IIn 2018, Martin Corp. acquired Glynco and recorded goodwill of $100 million. Martin considers Glynco a separate reporting unit. By the end of 2021, the net assets (including goodwill) of Glynco are $320 million and its estimated fair value is $260 million. The amount of the impairment loss that Martin would record for goodwill at the end of 2021 is:

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Affable Company purchased an equipment for P5,000,000 on January 1, 2020. The equipment had a useful life of 5 years with no residual value. On December 31, 2020, the entity classified the equipment as held for sale. On such a date, the fair value less cost of disposal of the equipment was P 3,500,000. On December 31, 2021, the entity believed that the criteria for classification as held for sale can no longer be met. Accordingly, the entity decided not to sell the equipment but to continue to use it. On December 31, 2021, the fair value less cost of disposal of the equipment was P2,700,000 Required:1. Compute the carrying value of the equipment on December 31, 2020 before reclassification as held for sale.2. Compute the amount of impairment loss in 20203. Compute the amount to be included in profit or loss in 2021 as a result of the reclassification of the equipment to property, plant and equipment4. Compute the depreciation of the equipment for 20225.Compute the adjusted carrying…

Falcetto Company acquired equipment on January 1, 2019, for $12,000. Falcetto elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a straight-line basis over its 6-year useful life. There is no residual value at the end of the 6-year period. The appraised value of the equipment approximates the carrying amount at December 31, 2019 and 2021. On December 31, 2020, the fair value of the equipment is determined to be $7,000. Instructions a.   Prepare the journal entries for 2019 related to the equipment. b.   Prepare the journal entries for 2020 related to the equipment. c.   Determine the amount of depreciation expense that Falcetto will record on the equipment in 2021.