Question
Barcode Corporation acquired 70% of the common stock of a Russian company on January 1, 20X6. The goodwill associated with this acquisition was $12,520. Exchange
Barcode Corporation acquired 70% of the common stock of a Russian company on January 1, 20X6. The goodwill associated with this acquisition was $12,520. Exchange rates at various dates during 20X6 follow:
| January 1, 20X6 | 1 ruble | = | $ | 0.0313 | |
| December 31, 20X6 | 1 ruble | = | $ | 0.0308 | |
| Average for 20X6 | 1 ruble | = | $ | 0.031 | |
Goodwill suffered an impairment of 25 percent during the year. If the functional currency is the Russian ruble, how much goodwill impairment loss should be reported on Barcode's consolidated statement of income for 20X6?
Multiple Choice
$3,080
$3,100
$3,130
$3,090
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Pocket CIO The Guide To Successful IT Asset Management Get To Grips With The Fundamentals Of IT Asset Management Software Asset Management And Software License Compliance Audits With This Guide
Authors: Phara Estime McLachlan
1st Edition
1783001003, 978-1783001002
