Modern Advanced Accounting in Canada 8th edition Connect

The following information is available for the assets of Saman Ltd. at December 31, Year 5:

	Carrying Amount			Fair Value
Tangible assets, net	$	1,170			1,175
Recognized intangible assets, net		525			525
Internally developed patent		0			63
Goodwill		421
Total	$	2,116

Required:

(The following 3 parts are independent situations.)

Part A. Assume that the total fair value for all of Samans assets as a group is $1,870.

(a)	Calculate the total impairment loss for Year 5. (Input the value as positive number.)

Total impairment loss

$

(b)	After recognizing any impairment loss in (a), what are the reported carrying amounts for assets listed above? (Leave no cells blank - be certain to enter "0" wherever required.)

Tangible assets, net	$
Recognized intangible assets, net
Internally developed patent
Goodwill
Total	$

Part B. Assume that the total fair value for all of Samans assets as a group is $1,453.

(a)	Calculate the total impairment loss for Year 5. (Input the value as positive number.)

Total impairment loss

$

(b)	After recognizing any impairment loss in (a), what are the reported carrying amounts for assets listed above? (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round final answers to the nearest dollar amount.)

Tangible assets, net	$
Recognized intangible assets, net
Internally developed patent
Goodwill
Total	$

Part C. Assume that Cyrus acquired all of Samans assets for $1,870 as a business acquisition.

(a)	Determine the amount to allocate to each of the assets listed above on the date of acquisition.

Tangible assets, net	$
Recognized intangible assets, net
Internally developed patent
Goodwill
Total	$