WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45 million, of which $15 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of SCC, $40 million; fair value of SCC’s net assets (excluding goodwill), $31 million; book value of SCC’s net assets (including goodwill), $42 million. What amount of impairment loss should Web- Helper recognize?
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- WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45 million, of which $15 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of SCC, $40 million; book value of SCC’s net assets (including goodwill), $42 million. What amount of impairment loss should WebHelper recognize?WebHelper Incorporated acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45 million, of which $15 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of SCC, $44 million; book value of SCC’s net assets (including goodwill), $42 million. What amount of impairment loss should WebHelper report in its income statement? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Impairment loss $______ millionWebHelper Incorporated acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $46.0 million, of which $17.0 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of SCC, $42.0 million; book value of SCC’s net assets (including goodwill), $45.0 million. What amount of impairment loss should WebHelper report in its income statement? Note: Enter your answer in m
- WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45 million, of which $15 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of SCC, $40 million; fair value of SCC's net assets (excluding goodwill), $31 million; book value of SCC's net assets (including goodwill), $42 million. What amount of impairment loss should Web- Helper recognize? Rofon toOn May 28, 2018, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc. for$420 million. The fair value of Harman’s identifiable tangible and intangible assets totaled $512 million, and thefair value of liabilities assumed by Pesky was $150 million.Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2018. Management has provided the following information:Fair value of Harman, Inc. $400 millionFair value of Harman’s net assets (excluding goodwill) 370 millionBook value of Harman’s net assets (including goodwill) 410 millionRequired: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 2018, if any.3. If an impairment loss is required, prepare the journal entry to record the loss.WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45 million, ofwhich $15 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealedthe following: fair value of SCC, $40 million; fair value of SCC’s net assets (excluding goodwill), $31 million;book value of SCC’s net assets (including goodwill), $42 million. What amount of impairment loss should WebHelper recognize?
- WebHelper Incorporated acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $46.4 million, of which $17.8 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of SCC, $48.2 million; book value of SCC’s net assets (including goodwill), $46.2 million. What amount of impairment loss should WebHelper report in its income statement? Note: Enter your answer in millions (i.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 $620 million. The fair value of Harman's identifiable tangible and intangible assets totaled $652 million, and the fair value of liabilities assumed by Pesky was $178 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2024. Management has provided the following information: Fair value of Harman, Incorporated Fair value of Harman's net assets (excluding goodwill) Book value of Harman's net assets (including goodwill) 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. $ 600 million. 540 million 630 millionOn May 28, 2016, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $420 million. The fair value of Harman’s identifiable tangible and intangible assets totaled $512 million, and the fair value of liabilities assumed by Pesky was $150 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2016. Management has provided the following information: Fair value of Harman, Inc. $400 million Fair value of Harman’s net assets (excluding goodwill) 370 million Book value of Harman’s net assets (including goodwill) 410 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 2016, if any. 3. If an impairment loss is required, prepare the journal entry to record the loss.
- On May 28, 2024, Pesky Corporation acquired all of the outstanding common stock of Harman, Incorporated, for $460 million. The fair value of Harman's identifiable tangible and intangible assets totaled $540 million, and the fair value of liabilities assumed by Pesky was $180 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2024. Management has provided the following information: Fair value of Harman, Incorporated $ 440 million Fair value of Harman's net assets (excluding goodwill) 375 Book value of Harman's net assets (including goodwill) 458 million 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 2024, if any. 3. If an impairment loss is required, prepare the journal entry to record the loss.On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $420 million. The fair value of Harman’s identifiable tangible and intangible assets totaled $512 million, and the fair value of liabilities assumed by Pesky was $150 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. $400 millionFair value of Harman’s net assets (excluding goodwill) 370 millionBook value of Harman’s net assets (including goodwill) 410 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.On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $620 million. The fair value of Harman's identifiable tangible and intangible assets totaled $652 million, and the fair value of liabilities assumed by Pesky was $178 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) $600 million 540 million 630 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.