Homework Answers
| Fair value of Division | 5690000 |
| Less: Net identifiable assets of the Division | 4985000 |
| Implied value of Goodwill | 705000 |
| Carrying amount of Goodwill | 1250000 |
| Less: Implied value of Goodwill | 705000 |
| Loss on impairment of Goodwill | 545000 |
| Option B $545000 is correct |
Add Answer to:
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 $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
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
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...
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...
NA Question 9 (1 point) In 2017. Antle Inc. had acquired Demski Co. and recorded goodwill...
NA Question 9 (1 point) In 2017. Antle Inc. had acquired Demski Co. and recorded goodwill of $245 million as a result. The net assets (including goodwill) from Antle's acquisition of Demski Co. had a 2018 year-end book value of $580 million. Antle assessed the fair value of Demski at this date to be $700 million, while the fair value of all of Demski's identifiable tangible and intangible assets (excluding goodwill) was $550 million. The amount of the impairment loss...
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...
1. The following information is available for a Gables Enterprise's machinery: Cost $ 283,000,000 Accumulated depreciation...
1. The following information is available for a Gables Enterprise's machinery: Cost $ 283,000,000 Accumulated depreciation 133,000,000 Estimate of the total cash flows 110,000,000 Present value of estimated future cash flows 94,000,000 Estimated fair value determined by appraisal 140,000,000 1 What is the impairment loss that Gables would report at December 31 a. $40,000 b$ 16,000 c. $56,000 d. $10,000 2. In 2017, Ana Inc, had acquired Demski Co and recorded goodwill of $245 million as a result. The net...
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...
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...
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...
NA Question 9 (1 point) In 2017. Antle Inc. had acquired Demski Co. and recorded goodwill of $245 million as a result. The net assets (including goodwill) from Antle's acquisition of Demski Co. had a 2018 year-end book value of $580 million. Antle assessed the fair value of Demski at this date to be $700 million, while the fair value of all of Demski's identifiable tangible and intangible assets (excluding goodwill) was $550 million. The amount of the impairment loss...
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...
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...
Most questions answered within 3 hours.
-
please don't use the p value method instead use the "5 steps of
hypothesis testing." Or...
asked 16 minutes ago -
It is said that Galileo discovered a basic principle of the
pendulum—that the period is independent...
asked 21 minutes ago -
The Cost of Equity and
Flotation Costs
Messman Manufacturing
will issue common stock to the public...
asked 28 minutes ago -
a) summarize the challenges facing New Britain today
b) identify some of its strengths
c) suggest...
asked 30 minutes ago -
**86 at 40 not 88. please show how got Tr in calculations thank
you
2) The...
asked 31 minutes ago -
McGlaun Company pays its employees every two weeks. The firm
last paid its employees on September...
asked 44 minutes ago -
You have been gifted a Mogwai as a pet and decide to do a little
online...
asked 49 minutes ago -
given the standard of 200 mg/dl and the absorbance of that
standard is 0.640. What is...
asked 52 minutes ago -
Exercise 8-51 Algo
An accounting professor is notorious for being stingy in giving
out good letter...
asked 1 hour ago -
month
total distribution cost
level of activity (unit produced)
july
230.000
3500
august
250.000
3750
september...
asked 1 hour ago -
A smoke detector system uses two devices, A and B. If smoke is
present, the probability...
asked 1 hour ago -
Your division head has assigned another important project to you
and your team. This project is...
asked 1 hour ago