Carla Vista Corporation acquired End-of-the-World Products on January 1, 2020 for $6150000, and recorded goodwill of...
Carla Vista Corporation acquired End-of-the-World Products on
January 1, 2020 for $6150000, and recorded goodwill of $1150000 as
a result of that purchase. At December 31, 2021, the
End-of-the-World Products Division had a fair value of $4482000.
The net identifiable assets of the Division (including goodwill)
had a carrying value of $5190000 at that time. What amount of loss
on impairment of goodwill should Carla Vista record in
2021?
$708000
$960000
$1668000
$0
Homework Answers
| Carrying value of Division | 5190000 |
| Less: Fair value of division | 4482000 |
| Loss on impairment of goodwill | 708000 |
| Option A $708000 is correct |
Add Answer to:
Carla Vista Corporation acquired End-of-the-World Products on
January 1, 2020 for $6150000, and recorded goodwill of...
Sheridan Corporation acquired End-of-the-World Products on January 1, 2017 for $5650000, and recorded goodwill of $...
Sheridan Corporation acquired End-of-the-World Products on January 1, 2017 for $5650000, and recorded goodwill of $1250000 as a result of that purchase. At December 31, 2018, the End-of- the World Products Division had a fair value of $5690000. The net identifiable assets of the Division (excluding goodwill had a fair value of $4985000 at that time. What amount of loss on impairment of goodwill should Sheridan record in 2018? 30 3545000 $415000 $960000
Sheridan Corporation acquired End-of-the-World Products on January 1, 2017 for $6650000, and recorded goodwill of $1250000...
Sheridan Corporation acquired End-of-the-World Products on
January 1, 2017 for $6650000, and recorded goodwill of $1250000 as
a result of that purchase. At December 31, 2018, the
End-of-the-World Products Division had a fair value of $5690000.
The net identifiable assets of the Division (excluding goodwill)
had a fair value of $4985000 at that time. What amount of loss on
impairment of goodwill should Sheridan record in 2018?
$0
$545000
$415000
$960000
A machine cost $1032000, has annual depreciation of $172000, and has accumulated depreciation of $817000 on...
A machine cost $1032000, has annual depreciation of $172000, and has accumulated depreciation of $817000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $236500, it is exchanged for a machine with a fair value of $1161000 and the proper amount of cash is paid. The exchange had commercial substance. The new machine should be recorded at $1139500 $924500. $1053500 $1161000 Cullumber Corporation acquired End of the World Products on January 1, 2020...
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...
On September 1, 2021, Carla Vista Corporation acquired Sandhill Enterprises for a cash payment of $787,200....
On September 1, 2021, Carla Vista Corporation acquired Sandhill
Enterprises for a cash payment of $787,200. At the time of
purchases, Sandhill's balance sheet showed assets of $585,600,
liabilities of $230,400, and owner's equity of $403,200. The fair
value of Sandhill's assets is estimated to be $931,200.
Compute the amount of goodwill acquired by Carla Vista.
Amount of goodwill
$
2. In 2010, Alto, Inc., had acquired Rastiline Co. and recorded goodwill of $245 million as...
2. In 2010, Alto, Inc., had acquired Rastiline Co. and recorded goodwill of $245 million as a result. The net assets (including goodwill) from Alto's acquisition of Rastiline Co. had a 2011 year-end book value of $580 million. Alto assessed the fair value of Rastiline at this date to be $700 million, while the fair value of all of Rastiline's identifiable tangible and intangible assets (excluding goodwill) was $550 million. The amount of the impairment loss that Alto would record...
1) After doing goodwill impairment test in year 2019, the carrying value including goodwill of S...
1) After doing goodwill impairment test in year 2019,
the carrying value including goodwill of S Co. was: *
a) $1,401,000
b) $1,403,000
c) $1,400,000
d) $1,402,000
2) After doing goodwill impairment test in year 2018, the result
was: *
a) Impairment loss of $13,000
b) No Impariment loss
c) Impairment loss of $12,000
d) Impairment loss of $10,000
On January 1, 2018, P Company acquired the net assets of S Company for $1,600,000 cash. The fair value of S...
In 2021, John Bonham Inc. acquired Zeppi Company and recorded $245 million of goodwill as a...
In 2021, John Bonham Inc. acquired Zeppi Company and recorded $245 million of goodwill as a result of this acquisition. At the end of 2022, Bonham decided to test for impairment of goodwill associated with its acquisition of Zeppi Company. At the end of2022, the book value of Zeppi Company’s net assets (including goodwill) in Bonham’s Company’s accounting records was $580 million. Also at the end of 2022, Bonhamassessed the fair value of Zeppi to be $700 million, while the...
In 20X1, Cordova Inc. acquired Cordant Corporation and $140 million in goodwill was recorded. At the...
In 20X1, Cordova Inc. acquired Cordant Corporation and $140 million in goodwill was recorded. At the end of its 20X3 fiscal year, management has provided the following information for a required goodwill impairment test ($ in millions): Fair value of Cordant (approximates fair value less costs to sell) $ 980 Fair value of Cordant’s net assets (excluding goodwill) 900 Book value of Cordant’s net assets (including goodwill) 1,050 Present value of estimated future cash flows 1,000 Assuming that Cordant is...
On January 2, 2020, Carla Vista Corporation purchased a call option for $345 on Walter’s common...
On January 2, 2020, Carla Vista Corporation purchased a call
option for $345 on Walter’s common shares. The call option gives
Carla Vista the option to buy 1,110 shares of Walter at a strike
price of $26 per share any time during the next six months. The
market price of a Walter share was $26 on January 2, 2020 (the
intrinsic value was therefore $0). On March 31, 2020, the market
price for Walter stock was $39 per share, and...
Sheridan Corporation acquired End-of-the-World Products on January 1, 2017 for $5650000, and recorded goodwill of $1250000 as a result of that purchase. At December 31, 2018, the End-of- the World Products Division had a fair value of $5690000. The net identifiable assets of the Division (excluding goodwill had a fair value of $4985000 at that time. What amount of loss on impairment of goodwill should Sheridan record in 2018? 30 3545000 $415000 $960000
Sheridan Corporation acquired End-of-the-World Products on
January 1, 2017 for $6650000, and recorded goodwill of $1250000 as
a result of that purchase. At December 31, 2018, the
End-of-the-World Products Division had a fair value of $5690000.
The net identifiable assets of the Division (excluding goodwill)
had a fair value of $4985000 at that time. What amount of loss on
impairment of goodwill should Sheridan record in 2018?
$0
$545000
$415000
$960000
A machine cost $1032000, has annual depreciation of $172000, and has accumulated depreciation of $817000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $236500, it is exchanged for a machine with a fair value of $1161000 and the proper amount of cash is paid. The exchange had commercial substance. The new machine should be recorded at $1139500 $924500. $1053500 $1161000 Cullumber Corporation acquired End of the World Products on January 1, 2020...
On September 1, 2021, Carla Vista Corporation acquired Sandhill
Enterprises for a cash payment of $787,200. At the time of
purchases, Sandhill's balance sheet showed assets of $585,600,
liabilities of $230,400, and owner's equity of $403,200. The fair
value of Sandhill's assets is estimated to be $931,200.
Compute the amount of goodwill acquired by Carla Vista.
Amount of goodwill
$
1) After doing goodwill impairment test in year 2019,
the carrying value including goodwill of S Co. was: *
a) $1,401,000
b) $1,403,000
c) $1,400,000
d) $1,402,000
2) After doing goodwill impairment test in year 2018, the result
was: *
a) Impairment loss of $13,000
b) No Impariment loss
c) Impairment loss of $12,000
d) Impairment loss of $10,000
On January 1, 2018, P Company acquired the net assets of S Company for $1,600,000 cash. The fair value of S...
On January 2, 2020, Carla Vista Corporation purchased a call
option for $345 on Walter’s common shares. The call option gives
Carla Vista the option to buy 1,110 shares of Walter at a strike
price of $26 per share any time during the next six months. The
market price of a Walter share was $26 on January 2, 2020 (the
intrinsic value was therefore $0). On March 31, 2020, the market
price for Walter stock was $39 per share, and...
Most questions answered within 3 hours.
-
In Netherland Dwarf rabbits, dwarf size is determined by allele
N, and normal-size by allele n....
asked 5 minutes ago -
During Heaton Company’s first two years of operations, it
reported absorption costing net operating income as...
asked 19 minutes ago -
Consider testing the
hypotheses:
H0: p = 0.56
H1: p > 0.56
where p is
the...
asked 22 minutes ago -
In a two-factor analysis of variance a main effect is defined as
____.
a. the unique...
asked 30 minutes ago -
A bank's loan officer rates applicants for credit. The ratings
are normally distributed with a mean...
asked 30 minutes ago -
Fill in the following information for Adipic Acid: molecular
weight, g or ml, mole, melting point,...
asked 36 minutes ago -
how
to use a for loop to iterate over the string below and print each
character...
asked 38 minutes ago -
Please type answer, Thanks.
Respond to the following in a minimum of 175
words:
Research industry...
asked 37 minutes ago -
Assume that all interest rates in the economy increase from 9
percent to 10 percent. Which...
asked 47 minutes ago -
Describe the function of a Change Control Board.
When calculating Planned Value (PV), what is the...
asked 53 minutes ago -
The customer help center in your company receives calls from
customers who need help with some...
asked 1 hour ago -
A manufacturer wished to compare the wearing qualities of two
different types of automobile tires, A...
asked 1 hour ago