Homework Answers
Part 2
|
Impairment loss |
$0 |
No impairment loss is recorded, as the fair value of Hall Corporation ($2,200,000) is greater than the carrying value ($2,000,000) of the new assets.
Add Answer to:
Part 2 please, show work.
View Policies Current Attempt in Progress On May 31, 2018, Armstrong...
View Policies Current Attempt in Progress On May 31, 2018, Armstrong Company paid $3,500,000 to acquire...
View Policies Current Attempt in Progress On May 31, 2018, Armstrong Company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Armstrong. Hall reported the follawing balance sheet at the time of the acquisition: $ 900,000 Current liabilities S 600,000 Current assets Noncurrent assets 2.700.000 Long-term liabilities 500,000 Stockholder's equity 2,500.000 Total liabilities and Total assets $3,600.000 $3.600,000 stockholder's equity It was determined at the date of the purchase that the fair...
35. Goodwill, impairment. On May 3, 2018, Armstrong Company paid $3,500,000 to acquire all of the...
35. Goodwill, impairment. On May 3, 2018, Armstrong Company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Armstrong. Hall reported the following balance sheet at the time of the acquisition: $ 900,000 2,700,000 Current liabilities Long-term liabilities Stockholders' equity Total liabilities and S 600,000 500,000 2,500,000 Current assets Noncurrent assets Total assets stockholders' equity $3,600,000 It was determined at the date of the purchase that the fair value of the identifiable...
On July 31, 2019, Mexico Company paid to acquire all of the common stock of Conchita Incorporated...
On July 31, 2019, Mexico Company paid to acquire all of the common stock of Conchita Incorporated, which became a division of Mexico Conchita reported the following balance sheet at the time of the acquisition Current assets Noncurrent assets $3,500,000 $800,000 Current liabilities $2,700,000 Long-term liabilities $3,500,000 |Stockholders' equity $600,000 $500,000 $2,400,000 Total liabilities and stockholders' equity$3,500,000 Total assets It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchit $2,850,000...
On July 31, 2017, Sunland Company paid $2,850,000 to acquire all of the common stock of...
On July 31, 2017, Sunland Company paid $2,850,000 to acquire all of the common stock of Conchita Incorporated, which became a division of Sunland. Conchita reported the following balance sheet at the time of the acquisition. Current assets $750,000 Current liabilities $560,000 Noncurrent assets 2,550,000 Long-term liabilities 460,000 Total assets $3,300,000 Stockholders’ equity 2,280,000 Total liabilities and stockholders’ equity $3,300,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita...
Compute the amount of goodwill recognized, if any, on July 31, 2020. Determine the impairment loss,...
Compute the amount of goodwill recognized, if any, on July 31,
2020.
Determine the impairment loss, if any, to be recorded on
December 31, 2020
Assume that fair value of the Conchita Division is $1,736,000
instead of $1,850,000. Determine the impairment loss, if any, to be
recorded on December 31, 2020.
Prepare the journal entry to record the impairment loss, if any,
and indicate where the loss would be reported in the income
statement.
This loss will be reported in...
Compute the amount of goodwill recognized, if any, on July 31, 2020. (If answer is zero,...
Compute the amount of goodwill recognized, if any, on July 31,
2020. (If answer is zero, do not leave answer field
blank. Enter 0 for the amount.)
Find:
Goodwill recognized on july 31, 2020 =
Imparement loss to be recorded december 31, 2020 =
Assuming fair value of conchita division is 1,460,000 instead of
1,850,000, the new impairment loss is =
Question 4 On July 31, 2020, Blossom Company paid $2,900,000 to acquire all of the common stock of Conchita...
Problem 12-4 On July 31, 2017, Crane Company paid $2,750,000 to acquire all of the common...
Problem 12-4
On July 31, 2017, Crane Company paid $2,750,000 to acquire all of
the common stock of Conchita Incorporated, which became a division
of Crane. Conchita reported the following balance sheet at the time
of the acquisition.
Current assets
$830,000
Current liabilities
$530,000
Noncurrent assets
2,450,000
Long-term liabilities
430,000
Total assets
$3,280,000
Stockholders’ equity
2,320,000
Total liabilities and stockholders’
equity
$3,280,000
It was determined at the date of the purchase that the fair value
of the identifiable net assets...
On July 31, 2020, Carla Vista Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which...
On July 31, 2020, Carla Vista Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Carla Vista. Conchita reported the following balance sheet at the time of the acquisition. Current assets $710,000 Current liabilities $600,000 Noncurrent assets 2,700,000 Long-term liabilities 500,000 Total assets $3,410,000 Stockholders’ equity 2,310,000 Total liabilities and stockholders’ equity $3,410,000 It was determined at the date of the purchase that the fair value of the...
JLIU LUULUULUUOI Question 2 --/10 View Policies Current Attempt in Progress Sheridans Company bought Special Products D...
JLIU LUULUULUUOI Question 2 --/10 View Policies Current Attempt in Progress Sheridans Company bought Special Products Division in 2020 and appropriately recorded $755000 of goodwill related to the purchase. On December 31, 2021, the fair value of Special Products Division is $6300000 and it is carried on Sheridan's books for a total of $5400000, including the goodwill. An analysis of Special Products Division's assets indicates that goodwill of $621000 exists on December 31, 2021. What goodwill impairment should be recognized...
On May 31, 2016, Columbanus Company paid $2,000,000 to acquire all of the common stock of...
On May 31, 2016, Columbanus Company paid $2,000,000 to acquire all of the common stock of Mistor Corporation, which became a division of Columbanus. Mistor reported the following balance sheet at the time of the acquisition: It was determined at the date of the purchase that the fair value of the identifiable net assets of Mistor was $1,875,000. At December 31, 2016, Mistor reports the following balance sheet information: The recorded amount for Mistor's net assets (excluding goodwill) is the...
View Policies Current Attempt in Progress On May 31, 2018, Armstrong Company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Armstrong. Hall reported the follawing balance sheet at the time of the acquisition: $ 900,000 Current liabilities S 600,000 Current assets Noncurrent assets 2.700.000 Long-term liabilities 500,000 Stockholder's equity 2,500.000 Total liabilities and Total assets $3,600.000 $3.600,000 stockholder's equity It was determined at the date of the purchase that the fair...
35. Goodwill, impairment. On May 3, 2018, Armstrong Company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Armstrong. Hall reported the following balance sheet at the time of the acquisition: $ 900,000 2,700,000 Current liabilities Long-term liabilities Stockholders' equity Total liabilities and S 600,000 500,000 2,500,000 Current assets Noncurrent assets Total assets stockholders' equity $3,600,000 It was determined at the date of the purchase that the fair value of the identifiable...
On July 31, 2019, Mexico Company paid to acquire all of the common stock of Conchita Incorporated, which became a division of Mexico Conchita reported the following balance sheet at the time of the acquisition Current assets Noncurrent assets $3,500,000 $800,000 Current liabilities $2,700,000 Long-term liabilities $3,500,000 |Stockholders' equity $600,000 $500,000 $2,400,000 Total liabilities and stockholders' equity$3,500,000 Total assets It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchit $2,850,000...
Compute the amount of goodwill recognized, if any, on July 31,
2020.
Determine the impairment loss, if any, to be recorded on
December 31, 2020
Assume that fair value of the Conchita Division is $1,736,000
instead of $1,850,000. Determine the impairment loss, if any, to be
recorded on December 31, 2020.
Prepare the journal entry to record the impairment loss, if any,
and indicate where the loss would be reported in the income
statement.
This loss will be reported in...
Compute the amount of goodwill recognized, if any, on July 31,
2020. (If answer is zero, do not leave answer field
blank. Enter 0 for the amount.)
Find:
Goodwill recognized on july 31, 2020 =
Imparement loss to be recorded december 31, 2020 =
Assuming fair value of conchita division is 1,460,000 instead of
1,850,000, the new impairment loss is =
Question 4 On July 31, 2020, Blossom Company paid $2,900,000 to acquire all of the common stock of Conchita...
Problem 12-4
On July 31, 2017, Crane Company paid $2,750,000 to acquire all of
the common stock of Conchita Incorporated, which became a division
of Crane. Conchita reported the following balance sheet at the time
of the acquisition.
Current assets
$830,000
Current liabilities
$530,000
Noncurrent assets
2,450,000
Long-term liabilities
430,000
Total assets
$3,280,000
Stockholders’ equity
2,320,000
Total liabilities and stockholders’
equity
$3,280,000
It was determined at the date of the purchase that the fair value
of the identifiable net assets...
JLIU LUULUULUUOI Question 2 --/10 View Policies Current Attempt in Progress Sheridans Company bought Special Products Division in 2020 and appropriately recorded $755000 of goodwill related to the purchase. On December 31, 2021, the fair value of Special Products Division is $6300000 and it is carried on Sheridan's books for a total of $5400000, including the goodwill. An analysis of Special Products Division's assets indicates that goodwill of $621000 exists on December 31, 2021. What goodwill impairment should be recognized...
Most questions answered within 3 hours.
-
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 5 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 36 minutes ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 4 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 4 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 4 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 4 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 5 hours ago