Exercise 11-31 (Algo) Impairment; goodwill [LO11-8]

The following information applies to the questions displayed below.]

In 2022, Alliant Corporation acquired Centerpoint Incorporated for $352 million, of which $62 million was allocated to goodwill. At the end of 2024, management has provided the following information for a required goodwill impairment test: Fair value of Centerpoint Incorporated $ 256 million Book value of Centerpoints net assets (excluding goodwill) 228 million Book value of Centerpoints net assets (including goodwill) 290 million

Part 2 & 3

2. Determine the amount of goodwill reported in the year-end 2024 balance sheet.

3. Determine the amount of the impairment loss assuming that the fair value of Centerpoint is $318 million