Req 1 |
||||
Consideration exchanged | $ 420 | |||
Less: fair value of net assets: | ||||
Assets | $ 512 | |||
Less: Liabilities assumed | $ (150) | $ 362 | ||
Goodwill | $ 58 | |||
Req 2 |
||||
Measurement of impairment loss: | ||||
Book value including goodwill | $ 410 | |||
Implied value of goodwill | $ 400 | |||
Impairment loss | $ 10 | |||
Req 3 |
||||
No | General journal\ | Debit | Credit | |
1 | Loss on impairment of goodwill | $ 10 | ||
Goodwill | $ 10 | |||
Exercise 11-33 (Static) Goodwill valuation and impairment; Chapters 10 and 11 [LO11-8] On May 28, 2021,...
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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: $570 million 510 million 594 million Fair value of Harman, Fair value of...
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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...
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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...
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