Carnival performed interim discounted cash flow analyses for all reporting units with goodwill or trademarks as of May 31, 2020 in order to test for impairment. Now, using the same approach discussed in the previous question, perform the impairment analysis for 5/31/2020. Did they pass Step 1 as of 5/31/2020?

Note: In order to calculate total market capitalization, you will need to consider both the Common Stock of Carnival Corporation (ticker: CCL) and the Ordinary Shares of Carnival PLC (ticker: CUK). Make sure to reduce the issued share amounts by the treasury shares (for both CCL & CUK) in order to calculate outstanding shares. Also, you can simply use the common stock and ordinary shares outstanding as of 05/29/2020 and the adjusted close price to calculate fair value.