Following is information about the reporting unit of Y company as of 12/31/19The fair value of the reporting unit of Y company is $310,000 and the fair value of identifiable net assets excluding goodwill is $270,000.The total carrying value of the unit is $320,000. The carrying value of identifiable net assets excluding goodwill is $260,000. The carrying value of goodwill is $60,000.Required: compute the goodwill impairment loss if any for 2019. Show work $10,000$20.000$40,000$0

Impairment of assets means reducing the book value of assets when carrying amount is more than…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Following is information about the reporting unit of Y company as of 12/31/19

The fair value of the reporting unit of Y company is $310,000 and the fair value of identifiable net assets excluding goodwill is $270,000.
The total carrying value of the unit is $320,000. The carrying value of identifiable net assets excluding goodwill is $260,000. The carrying value of goodwill is $60,000.

Required: compute the goodwill impairment loss if any for 2019. Show work

$10,000
$20.000
$40,000
$0

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