The fair values of assets and liabilities held by three
reporting units and other information related to the reporting
units owned by Prover Company are as follows:
Reporting Unit | ||||||||||
A | B | C | ||||||||
Cash & Receivables | $ | 34,000 | $ | 90,800 | $ | 22,800 | ||||
Inventory | 68,400 | 114,000 | 45,600 | |||||||
Land | 22,800 | 34,400 | 11,600 | |||||||
Buildings | 116,000 | 174,000 | 92,800 | |||||||
Equipment | 162,400 | 104,400 | 58,000 | |||||||
Accounts Payable | 46,400 | 69,600 | 11,600 | |||||||
Fair Value of Reporting Unit | 464,000 | 510,400 | 307,400 | |||||||
Carrying Value of Investment | 487,200 | 580,000 | 336,400 | |||||||
Goodwill Included in Carrying Value | 81,200 | 62,400 | 46,400 | |||||||
Required:
a. Determine the amount, if any, that Prover should report as a
goodwill impairment for the current period.
b. Determine the amount of goodwill that Prover should report in
its current financial statements.
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Goodwill Impairment: When carrying value is greater than fair value, potential goodwill impairment is applicable.
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