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Required information [The following information applies to the questions displayed below.) On January 1, 2021, the Allegheny Corporation purchased equipment for $319,000. The estimated service life of the equipment is 10 years and the estimated residual value is $22,000. The equipment is expected to produce 288,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 3. Assume instead the equipment was purchased on October 1, 2021. Calculate depreciation for 2021 and 2022 using each of the two methods. Partial-year depreciation is calculated based on the number of months the asset is in service. (Do not round intermediate answers and round your answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. 2022 Sum-of-the-years' digits One hundred fifty percent declining balance $ $ 2021 13,500 11,963 $ $ 52,650 46,055 % On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $470 million. The fair value of Harman's identifiable tangible and intangible assets totaled $547 million, and the fair value of liabilities assumed by Pesky was $190 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. Fair value of Harman's net assets (excluding goodwill) Book value of Harman's net assets (including goodwill) $450 million 360 million 470 million 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 2021, 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 Determine the amount of goodwill that resulted from the Harman acquisition and the amount of goodwill impairment loss that Pesky should recognize at the end of 2021, if any. (Negative amounts should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). $ Goodwill Goodwill impairment loss 113 million million Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $319,000. The estimated service life of the equipment is 10 years and the estimated residual value is $22,000. The equipment is expected to produce 288,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 1. Sum-of-the-years-digits (Do not round intermediate calculations. Round final answers to the nearest whole dollar amount.) Year Depreciation expense 2021 2022 Required information [The following information applies to the questions displayed below.) On January 1, 2021, the Allegheny Corporation purchased equipment for $319,000. The estimated service life of the equipment is 10 years and the estimated residual value is $22,000. The equipment is expected to produce 288,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 3. Assume instead the equipment was purchased on October 1, 2021. Calculate depreciation for 2021 and 2022 using each of the two methods. Partial-year depreciation is calculated based on the number of months the asset is in service. (Do not round intermediate answers and round your answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. 2022 Sum-of-the-years' digits One hundred fifty percent declining balance $ $ 2021 13,500 11,963 $ $ 52,650 46,055 % On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $470 million. The fair value of Harman's identifiable tangible and intangible assets totaled $547 million, and the fair value of liabilities assumed by Pesky was $190 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. Fair value of Harman's net assets (excluding goodwill) Book value of Harman's net assets (including goodwill) $450 million 360 million 470 million 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 2021, 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 Determine the amount of goodwill that resulted from the Harman acquisition and the amount of goodwill impairment loss that Pesky should recognize at the end of 2021, if any. (Negative amounts should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). $ Goodwill Goodwill impairment loss 113 million million Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $319,000. The estimated service life of the equipment is 10 years and the estimated residual value is $22,000. The equipment is expected to produce 288,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 1. Sum-of-the-years-digits (Do not round intermediate calculations. Round final answers to the nearest whole dollar amount.) Year Depreciation expense 2021 2022
