On May 28, 2024, Pesky Corporation acquired all of the outstanding common stock of Harman, Incorporated, for $450 million. The fair value of Harman's identifiable tangible and Intangible assets totaled $533 million, and the fair value of liabilities assumed by Pesky was $170 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2024. Management has provided the following information: Fair value of Harman, Incorporated Fair value of Harman's net assets (excluding goodwill) Book value of Harman's net assets (including goodwill) Required: $ 430 million 370 million 446 million 1. Determine the amount of goodwill that resulted from the Harman acquisition. 2. Determine the amount of goodwill impairment loss that Pesky should recognize at the end of 2024, if any 3. If an impairment loss is required, prepare the journal entry to record the loss. Complete this question by entering your answers in the tabs below. I D Req 1 and 2 Beg 3 1. Determine the amount of goodwill that resulted from the Harman acquisition. 2. Determine the amount of goodwill impairment loss that Pesky should recognize at the end of 2024, if any Note: Enter your answers in millions (1, 10,000,000 should be entered as 10)- d. Goodwil milion On May 28, 2024, Pesky Corporation acquired all of the outstanding common stock of Harman, Incorporated, for $450 million. The fair value of Harman's identifiable tangible and intangible assets totaled $533 million, and the fair value of liabilities assumed by Pesky was $170 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2024. Management has provided the following information: Fair value of Harman, Incorporated Fair value of Harman's net assets (excluding goodwill) Book value of Harman's net assets (including goodwill) Required: 5.430 million: 370 million 446 million 1. Determine the amount of goodwill that resulted from the Harman acquisition, 2. Determine the amount of goodwill impairment loss that Pesky should recognize at the end of 2024, if any 3. If an impairment loss is required, prepare the journal entry to record the loss Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 1. Determine the amount of goodwill that resulted from the Harman acquisition. 2. Determine the amount of goodwill impairment loss that Pesky should recognize at the end of 2024, if any Note Enter your answers in millions (e. 10,000,000 should be entered as 105 1. Goodwill mon Required: 1. Determine the amount of goodwill that resulted from the Harman acquisition. 2. Determine the amount of goodwill impairment loss that Pesky should recognize at the 3. If an impairment loss is required, prepare the journal entry to record the loss. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 lal 1. Determine the amount of goodwill that resulted from the Harman acquisition. 2. Determine the amount of goodwill impairment loss that Pesky should recognize at the end of 20 Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 1. Goodwill 2. Goodwill impairment loss million million Red 1 and 2 Req 3 > Req 1 and 2 Req 3 If an impairment loss is required, prepare the journal entry to record the loss. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. E millions (i.e., 10,000,000 should be entered as 10). View transaction list If an impairment loss is required, prepare the journal entry to record the loss... Note -journal entry has been entered Q Search X 5 the loss. Credit Prev 13 of 13 Next