Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Question
Chapter 3, Problem 17P
a.
To determine
Determine the amount of any
b.
To determine
Find the carrying amounts for following:
- Tangible assets, net
- Goodwill
- Patent
- Customer List
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Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its
qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill
impairment. Sellers had recognized net assets with carrying amounts totaling $1,150, including goodwill of
$660. Seller's reporting unit fair value is assessed at $1,122 and includes two internally developed
unrecognized intangible assets (a patent and a customer list with fair values of $271 and $122, respectively).
The following table summarizes current financial information for the Sellers reporting unit:
Carrying
Fair
Amounts
Values
Tangible assets, net
Recognized intangible assets, net
Goodwill
$97
$146
393
435
660
Unrecognized intangible assets
393
a. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit.
b. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the
following assets of Alomar's…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment,
one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with
carrying amounts totaling $1,150, including goodwill of $660. Seller's reporting unit fair value is assessed at $1,122 and includes two
internally developed unrecognized intangible assets (a patent and a customer list with fair values of $271 and $122, respectively). The
following table summarizes current financial information for the Sellers reporting unit:
Carrying
Fair
Amounts
Values
Tangible assets, net
Recognized intangible assets, net
Goodwill
$97
$146
393
435
660
Unrecognized intangible assets
393
a. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit.
b. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the following assets of Alomar's…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,150, including goodwill of $660. Seller’s reporting unit fair value is assessed at $1,122 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $271 and $122, respectively). The following table summarizes current financial information for the Sellers reporting unit:
CarryingAmounts
FairValues
Tangible assets, net
$97
$146
Recognized intangible assets, net
393
435
Goodwill
660
?
Unrecognized intangible assets
0
393
Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit.
After recognition of any goodwill impairment loss, what are the reported carrying amounts for…
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Similar questions
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