The Granny Smith Company agreed to purchase the Red Delicious Company for $800,000. At the date of purchase, Red Delicious had current assets with a fair market value of $450,000, noncurrent assets (including no marketable securities) with a fair market value of $750,000, and liabilities of $600,000. In accounting for this transaction, Granny Smith should ________.

a	record noncurrent assets at $800,000
b	record a debit of $200,000 as a loss on the purchase
c	record current assets at $800,000
d	record goodwill of $200,000 to be reviewed annually for impairment

Which of the following statements regarding goodwill is false?

a	Goodwill is never amortized for financial reporting purposes.
b	A company is required to review its goodwill for impairment on an annual basis.
c	A company is required to review its goodwill for impairment whenever events that would more likely than not reduce the fair value below its carrying value occur.
d	A company records goodwill at the time that it acquires another company or at the time it determines that material intellectual capital exists in its employees.