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On May 28, 2024, Pesky Corporation acquired all of the outstanding common stock of Harman, Incorporated, for $560million. The fair value of Harman's identifiable tangible

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On May 28, 2024, Pesky Corporation acquired all of the outstanding common stock of Harman, Incorporated, for $560million. The fair value of Harman's identifiable tangible and intangible assets totaled $610million, and the fair value of liabilities assumed by Pesky was $160 million. Pesky performed a goodwill impairment test ot the end of its fiscal year ended December 31, 2024. Management has provided the following information: 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 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. 1. Determine the amount of goodwill that resuited 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 vour answers in millions (1.e., 10,000,000 should be entered as 10) On May 28, 2024, Pesky Corporation acquired all of the outstanding common stock of Harman, Incorporated, for $560 million. The fair value of Harman's identifiable tangible and intangible assets totaled $610 million, and the fair value of liabilities assumed by Pesky was $160 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2024. Management has provided the following information: 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 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. If an impairment loss is required, prepare the joumal 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. Enter your answers in millions (i.e, 10,000,000 should be entered as 10 )

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