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In 2020, Dooling Corporation acquired Oxford Inc. for $250 million, of which $50 million was attributed to goodwill. At the end of 2021, Dooling's accountants
In 2020, Dooling Corporation acquired Oxford Inc. for $250 million, of which $50 million was attributed to goodwill. At the end of 2021, Dooling's accountants derive the following information for a required goodwill impairment test: Book value of Oxford (including goodwill): Fair value of Oxford's tangible and intangible assets (excluding goodwill): Fair value of Oxford (the reporting unit): $234.5million $209.5million $260.Omillion Required: Determine the amount, if any, of the goodwill impairment loss that Dooling must recognize on these assets. Goodwill impairment loss million An asset's residual value is the amount the company expects to receive for the asset at the end of its service life, less any anticipated disposal costs. True or False True False
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