29) The fair value of net identifiable assets of a reporting unit of X Company is $300,000. On X Company's books, the carrying value of this reporting unit's net assets is $350,000, which includes $60,000 of goodwill. If the fair value of the reporting unit as a whole is $335,000, what amount of goodwill impairment will be recognized for this unit?

A) $0

B) $15,000

C) $25,000

D) $35,000

Answer: B

Difficulty: 3 Hard

Topic: Goodwill Impairment

Learning Objective: 01-05 Make calculations and business combination journal entries in the presence of a differential, goodwill, or a bargain purchase element.

Bloom's: Apply

AACSB: Analytical Thinking

AICPA: FN Measurement

Please Explain why the answer is B