Identifiable Intangibles and Goodwill, U.S. GAAP

International Foods, a U.S. company, acquired two companies in 2013. As a result, its consolidated financial statements include the following acquired intangibles:

Intangible AssetDate of AcquisitionFair Value at Date of AcquisitionUseful LifeCustomer relationshipsJanuary 1, 2013 $3,200,00010 years Favorable leaseholds June 30, 2013 4,800,000 12 years Brand names June 30, 201314,400,000 IndefiniteGoodwillJanuary 1, 2013400,000,000Indefinite

Goodwill was assigned to the following reporting units:

Asia$80,000,000South America120,000,000Europe200,000,000Total$400,000,000

It is now December 31, 2014, the end of International Foods' accounting year. No impairment losses were reported on any intangibles in 2013. Assume that International Foods bypasses step 0 of the goodwill impairment test. The following information is available on December 31,2014:

Intangible AssetSum of Future Expected Undiscounted Cash FlowsSum of Future Expected Discounted Cash Flows

Customer relationships$960,000 $720,000

Favorable leaseholds4,800,000 3,520,000

Brand names11,200,000 5,600,000

Reporting UnitUnit Carrying ValueUnit Fair ValueFair Value of Identifiable Net Assets

Asia $240,000,000 $320,000,000 $300,000,000

South America160,000,000 280,000,000 224,000,000

Europe 480,000,000 400,000,000 308,000,000

Compute 2014 amortization expense and impairment losses on the above intangibles, following U.S. GAAP.

Summary:Amortization expense - identifiable intangibles$ Answer

Impairment losses - identifiable intangibles Answer

Goodwill impairment loss Answer

Total$ Answer