FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

F51.

Kingston Corporation has $102 million of goodwill on its books from the 2019 acquisition of Reliant Motors. At the end of its 2021 fiscal year, management has provided the folowing information for its required goodwill impairment test (S in millions) Fair value of Reliant (approximates fair value less costs to sell) $.648 Fair value of Reliant's net assets (excluding goodwil) Book value of Relant's net assets (including goodwili) 607 707 Present value of estimated future cash flows 674 Assuming that Reliant is considered a cash-generating unit for IFRS, the amount of goodwill impairment loss that Kingston should recognize according to FRS is $33 milion $59 milion 50 $41 million
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Transcribed Image Text:Kingston Corporation has $102 million of goodwill on its books from the 2019 acquisition of Reliant Motors. At the end of its 2021 fiscal year, management has provided the folowing information for its required goodwill impairment test (S in millions) Fair value of Reliant (approximates fair value less costs to sell) $.648 Fair value of Reliant's net assets (excluding goodwil) Book value of Relant's net assets (including goodwili) 607 707 Present value of estimated future cash flows 674 Assuming that Reliant is considered a cash-generating unit for IFRS, the amount of goodwill impairment loss that Kingston should recognize according to FRS is $33 milion $59 milion 50 $41 million
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