Question
Blossom Corporation acquired End-of-the-World Products on January 1, 2020 for $6300000, and recorded goodwill of $1180000 as a result of that purchase. At December 31,
Blossom Corporation acquired End-of-the-World Products on January 1, 2020 for $6300000, and recorded goodwill of $1180000 as a result of that purchase. At December 31, 2021, the End-of-the-World Products Division had a fair value of $4629000. The net identifiable assets of the Division (including goodwill) had a carrying value of $5340000 at that time. What amount of loss on impairment of goodwill should Blossom record in 2021?
|
| $960000 |
|
| $1671000 |
|
| $0 |
|
| $711000 |
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A Survey Of Financial And Managerial Accounting
Authors: Roger H. Hermanson, Roland F. Salmonson, James D. Edwards
5th Edition
025606976X, 978-0256069761
