High, a parent company, acquired Low, an unincorporated entity, for $2,800,000. A fair value exercise performed on Low's net assets at the date of purchase showed:   $'000 Property, plant and equipment 3,000 Identifiable intangible asset 500 Inventory 300 Trade receivables less payables 200   4,000   How should the purchase of Low be reflected in High's consolidated statement of financial position? Record the net assets at their values shown above and credit profit or loss with $1,200,000   Record the net assets at their values shown above and credit High's consolidated goodwill with $1,200,000   Write off the intangible asset ($500,000), record the remaining net assets at their values shown above and credit profit or loss with $700,000,000   Record the purchase as a financial asset investment at $2,800,000

Required:   1. Calculate the impairment loss of goodwill (if any). 2. Record the appropriate journal entry.

[The following information applies to the questions displayed below.) Metro Corporation traded Building A for Building B. Metro originally purchased Building A for $50,000, and Building A's adjusted basis was $25,000 at the time of the exchange. What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Building B in each of the following alternative scenarios? Note: Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave no answers blank. Enter zero is applicable. d. The fair market value of Building A is $45,000, and Metro trades Building A for Building B valued at $40,000 and $5,000 cash. Building A and Building B are like kind property. Description (1) Amount realized from Building B (2) Amount realized from boot (cash). (3) Total amount realized (4) Adjusted basis (5) Gain realized (6) Gain recognized (7) Deferred gain Adjusted basis in Building Br Amount S $ $ 40,000 5,000 45.000

WebHelper Incorporated acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $46.4 million, of which $17.8 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of SCC, $48.2 million; book value of SCC’s net assets (including goodwill), $46.2 million. What amount of impairment loss should WebHelper report in its income statement? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10).