Homework Answers
| Scenario 1: |
| As fair value of Sam's unit is greater than book value of Sam's unit, goodwill is not impaired. |
| Goodwill is considered impaired only when book value exceeds fair value. |
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Part I: On January 1, Porter paid $550,000 to purchase all of the outstanding stock of...
un January 1, Porter paid $550,000 to purchase all of the outstanding stock of Sam and...
un January 1, Porter paid $550,000 to purchase all of the outstanding stock of Sam and recorded goodwill of 595,000 Complete the requirements of the following independent scenarios. Show your work Part A: At December 31, the book value of the Sam unit, including goodwill, is $700,000. The fair value of the Sam unit is $705,000. Prepare the journal entry to record the impairment loss. If no entry is required, briefly explain why in the area provided for the journal...
PART ONE 1. On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock...
PART ONE 1. On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $480 million. The fair value of Harman's identifiable tangible and intangible assets totaled $554 million, and the fair value of liabilities assumed by Pesky was $200 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. $ 460 million Fair value...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc.,...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $450 million. The fair value of Harman's identifiable tangible and intangible assets totaled $533 million, and the fair value of liabilities assumed by Pesky was $170 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. Fair value of Harman's net assets (excluding goodwill)...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc.,...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $590 million. The fair value of Harman's identifiable tangible and intangible assets totaled $631 million, and the fair value of liabilities assumed by Pesky was $169 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. Fair value of Harman's net assets (excluding goodwill)...
3-On July 1, 2019, Captain Company paid $3,000,000 for all of the common stock of Bright...
3-On July 1, 2019, Captain Company paid $3,000,000 for all of the common stock of Bright Sunshine, Inc. Bright Sunshine's identifiable net assets had a fair value of $2,850,000 at that date. After acquisition, Bright Sunshine was identified as a reporting unit and the goodwill from the acquisition was assigned to that reporting unit. Required: a. Compute the amount of goodwill, if any, from the acquisition. b. Over the remainder of the year, the new unit experienced significant operating losses,...
3-On July 1, 2019, Captain Company paid $3,000,000 for all of the common stock of Bright...
3-On July 1, 2019, Captain Company paid $3,000,000 for all of the common stock of Bright Sunshine, Inc. Bright Sunshine's identifiable net assets had a fair value of $2,850,000 at that date. After acquisition, Bright Sunshine was identified as a reporting unit and the goodwill from the acquisition was assigned to that reporting unit. Required: a. Compute the amount of goodwill, if any, from the acquisition. b. Over the remainder of the year, the new unit experienced significant operating losses,...
On May 28, 2021. Pesky Corporation acquired all of the outstanding common stock of Harman, Inc....
On May 28, 2021. Pesky Corporation acquired all of the outstanding common stock of Harman, Inc. for $590 million. The fair value of Harman's identifiable tangible and intangible assets totaled $631 milion, and the fair value of abilities assumed by Pesky was 5169 million Pesky performed a goodwill impairment test at the end of ts fiscal year ended December 31, 2021 Management has provided the to lowing formation Fair value of area's reta s (excluding Hoodvill) Book value of huren's...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc.,...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $590 million. The fair value of Harman's identifiable tangible and intangible assets totaled $631 million, and the fair value of liabilities assumed by Pesky was $169 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. $ 570 million Fair value of Harman's net...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc.,...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $620 million. The fair value of Harman's identifiable tangible and intangible assets totaled $652 million, and the fair value of liabilities assumed by Pesky was $178 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. Fair value of Harman's net assets (excluding goodwill)...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc.,...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $420 million. The fair value of Harman's identifiable tangible and intangible assets totaled $512 million, and the fair value of liabilities assumed by Pesky was $150 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. $ 400 million Fair value of Harman’s net...
un January 1, Porter paid $550,000 to purchase all of the outstanding stock of Sam and recorded goodwill of 595,000 Complete the requirements of the following independent scenarios. Show your work Part A: At December 31, the book value of the Sam unit, including goodwill, is $700,000. The fair value of the Sam unit is $705,000. Prepare the journal entry to record the impairment loss. If no entry is required, briefly explain why in the area provided for the journal...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $450 million. The fair value of Harman's identifiable tangible and intangible assets totaled $533 million, and the fair value of liabilities assumed by Pesky was $170 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. Fair value of Harman's net assets (excluding goodwill)...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $590 million. The fair value of Harman's identifiable tangible and intangible assets totaled $631 million, and the fair value of liabilities assumed by Pesky was $169 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. Fair value of Harman's net assets (excluding goodwill)...
3-On July 1, 2019, Captain Company paid $3,000,000 for all of the common stock of Bright Sunshine, Inc. Bright Sunshine's identifiable net assets had a fair value of $2,850,000 at that date. After acquisition, Bright Sunshine was identified as a reporting unit and the goodwill from the acquisition was assigned to that reporting unit. Required: a. Compute the amount of goodwill, if any, from the acquisition. b. Over the remainder of the year, the new unit experienced significant operating losses,...
3-On July 1, 2019, Captain Company paid $3,000,000 for all of the common stock of Bright Sunshine, Inc. Bright Sunshine's identifiable net assets had a fair value of $2,850,000 at that date. After acquisition, Bright Sunshine was identified as a reporting unit and the goodwill from the acquisition was assigned to that reporting unit. Required: a. Compute the amount of goodwill, if any, from the acquisition. b. Over the remainder of the year, the new unit experienced significant operating losses,...
On May 28, 2021. Pesky Corporation acquired all of the outstanding common stock of Harman, Inc. for $590 million. The fair value of Harman's identifiable tangible and intangible assets totaled $631 milion, and the fair value of abilities assumed by Pesky was 5169 million Pesky performed a goodwill impairment test at the end of ts fiscal year ended December 31, 2021 Management has provided the to lowing formation Fair value of area's reta s (excluding Hoodvill) Book value of huren's...
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $620 million. The fair value of Harman's identifiable tangible and intangible assets totaled $652 million, and the fair value of liabilities assumed by Pesky was $178 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. Fair value of Harman's net assets (excluding goodwill)...
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