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Osestion Identifiable Intangibles and Goodwill, U.S. GAAP International Foods, a U.S. company, acquired two companies in 2013. As a result, its consolidated financial statements include the following acquired intangibles: Intangible Asset Date of Acquisition Fair Value at Date of Acquisition Useful Life Customer relationships January 1, 2013 $2,000,000 Favorable leastholds June 30, 2013 4,000,000 Brand names June 30, 2013 9,000,000 Indefinite Goodwill January 1, 2013 250.000.000 Indefinite Goodwill was assigned to the following reporting units: Asia $50,000.000 South America 75,000,000 Europe 125,000,000 Total $250,000,000 It is now December 31, 2014, the end of international Foods' accounting year. No im mentos were reported on any intangibles in 2013. Assume that international Foods bypasses step o of the goodwill impairment test. The following information is available on December 31,2014: Intangible Asset Sum of Future Expected Undiscounted Cash Flows Sum of Future Expected Discounted Cash Flows Customer relationships $600,000 $450,000 Favorable leaseholds 3,000,000 2,200,000 Brand names 7,000,000 3,500,000 Reporting Unit Unit Carrying Value Unit Fair Value Asia $150,000,000 $200,000,000 South America 100,000,000 175,000,000 Europe 300,000,000 250,000,000 Compute 2014 amortization expense and impairment losses on the above intangibles, following U.S. GAAP. Enter answers in millions, using decimal places when applicable. (in millions) Amortization expense - Identifiable intangibles $ 1,300,000 x Impairment losses - identifiable intangibles 550,000 x Goodwill impairment loss 7,500,000 X Total 149,700,00 X $ Check Previous Save Answers Osestion Identifiable Intangibles and Goodwill, U.S. GAAP International Foods, a U.S. company, acquired two companies in 2013. As a result, its consolidated financial statements include the following acquired intangibles: Intangible Asset Date of Acquisition Fair Value at Date of Acquisition Useful Life Customer relationships January 1, 2013 $2,000,000 Favorable leastholds June 30, 2013 4,000,000 Brand names June 30, 2013 9,000,000 Indefinite Goodwill January 1, 2013 250.000.000 Indefinite Goodwill was assigned to the following reporting units: Asia $50,000.000 South America 75,000,000 Europe 125,000,000 Total $250,000,000 It is now December 31, 2014, the end of international Foods' accounting year. No im mentos were reported on any intangibles in 2013. Assume that international Foods bypasses step o of the goodwill impairment test. The following information is available on December 31,2014: Intangible Asset Sum of Future Expected Undiscounted Cash Flows Sum of Future Expected Discounted Cash Flows Customer relationships $600,000 $450,000 Favorable leaseholds 3,000,000 2,200,000 Brand names 7,000,000 3,500,000 Reporting Unit Unit Carrying Value Unit Fair Value Asia $150,000,000 $200,000,000 South America 100,000,000 175,000,000 Europe 300,000,000 250,000,000 Compute 2014 amortization expense and impairment losses on the above intangibles, following U.S. GAAP. Enter answers in millions, using decimal places when applicable. (in millions) Amortization expense - Identifiable intangibles $ 1,300,000 x Impairment losses - identifiable intangibles 550,000 x Goodwill impairment loss 7,500,000 X Total 149,700,00 X $ Check Previous Save Answers