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Home Corporation purchased Away Inc on January 1, 2020 for $5,500,000, and recorded goodwill of $1,400,000 as a result. At December 31, 2022, the Away
Home Corporation purchased Away Inc on January 1, 2020 for $5,500,000, and recorded goodwill of $1,400,000 as a result. At December 31, 2022, the Away reporting unit had a fair value of $4,200,000. The net identifiable assets of the Away reporting unit (including goodwill) had a carrying value of $4,700,000 on that date. What amount of loss on impairment of goodwill should Home record in 2022?
$1,300,000 | ||
$1,400,000 | ||
$800,000 | ||
$500,000 |
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