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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU!
On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman. Inc., for $610 million. The fair value of Harman's Identifiable tangible and Intangible assets totaled $645 mllion, and the fair value of liabiltles assumed by Pesky was $175 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) $598 million 530 million 618 million Required: 1 Determine the amount of goodill that resulted from the Harman acquisition. 2 Determine the amount of goodwill Impalrment loss that Pesky should recognize at the end of 2021, if any. 3. If an Impalrment 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 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)). million Goodwill Goodwill impaiment loss million Req 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. (If no entry is required for a transaction/event, select "No jounal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10)). Vlew transaction lst Journal entry worksheet
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