E1 - 16 Goodwill Impairment 10 1-5 Practical Corporation acquired all of the common stock of Simple Company for $450,000 on January 1, 2034 On that date, Simples identifible net assets had a finir value of $990.000 The assets acquired in the purchase or simple are considered to be a separate reporting unit of Practical The canying value of the Simple reporting unit's met assets at December 31, 20X4, is 5500,00 Required Determine the amount of goodwill autent, if any, that should be recognued at December 31, 20X4, if the far value of the simple reporting unit is determined to be 7S53000 5. SES 000 S450.000 E1 - 16 Goodwill Impairment LO 1-5 Practical Corporation acquired all of the common stock of Simple Company for $450,000 on January 1, 20X4 On that date, Simples identifiable net assets had a fair value of $390,000. The assets acquired in the purchase of Simple are considered to be a separate reporting unit of Practical The carrying value of the Simple reporting unit net assets at December 31, XOX4, 500,00 egoire Determine the amount of goodwill impairment, if any, that should be recognized at December 31, 20X4, if the fair value of the simple reporting unit in determined to be 7. $530,000 5. 5485.000 7. $450,000