Fast owns 100% of Slow and had recorded $700,000 of goodwill from acquiring Slow many years ago. It is now 3 years later and the fair value of Slow is $1,300,000 and the book value of Slow inclusive of goodwill is $1,100,000. The implied value of goodwill is $650,000 and the book value of goodwill continues to be $700,000. What is the amount of goodwill impairment, if any. 2. Assume same facts as part a. except that the fair value of Slow is $900,000 instead of $1,300,000. What is the amount of goodwill impairment, if any.

Subject - account  Please help me.  Thankyou.

Goodman Company exchanges an asset with The Pryce Corporation. Details of the exchange are as follows: Goodman’s Piece of equipment: $800,000 230,000 700,000 Pryce's building: Cost Cost $960,000 350,000 850,000 Accumulated depreciation Accumulated depreciation Fair value Fair value Required- a) Prepare the journal entry in the books of both Goodman and Pryce, assuming both are public companies. b) Assume now that Goodman paid $80,000 in this transaction. Record the appropriate journal entry in Goodman books. c) Repeat b) assuming now that Goodman is a private company and that the fair value of Pryce's building is the most determinable fair value.

Hoolia Corporation acquires equipment and patents from another company for $50 million and records the acquisition as an asset acquisition. The equipment has a fair value of $19.20 million and the patents have a fair value of $28.80 million. Neither asset is nonqualifying. At what value does Hoolia record the equipment? Select one: a. $25.0 million b. $20.0 million c. $21.2 million d. $19.2 million

Frodo Corp. bought Aardvark Co. in 2021 and appropriately recorded goodwill related to the purchase. On December 31, 2022, Frodo Corp. reports the following information relating to Aardvark Division: Amount $131,000 $393,000 $658,000 How much loss from goodwill impairment should be recognized by Frodo Corp. in 2022? $265,000 $134.000 Item Goodwill Book value of net assets (including goodwill) Fair value $0 $131,000

Peter, Incorporated owns 100% of The Rock Company. The book value of the Goodwill is $300,000. When Peter made its investment, The Rock had a fair value of $2,800,000. Today, the value of The Rock has fallen to $2,250,000. An appraisal of The Rock’s net assets reveals a fair value of $2,075,000. How much “impairment” should Peter record related to its investment in The Rock?

Firm M exchanged an old asset with a $11, 500 tax basis and a $29, 000 FMV for a new asset worth $ 22,500 and $6,500 cash. Required: If the exchange is nontaxable, compute Firm M's realized and recognized gain and tax basis in the new asset. How would your answers change if the new asset were worth only $ 11,000, and Firm M received $18,000 cash in the exchange?