Reference no: EM133145945
Question - Maxwell Co. has collected the following data for impairment test of a Cash Generating Unit (CGU) on September 31, 2021, which is the end of its fiscal year.
Book value Fair value Costs to sell Value-inuse Goodwill $30,000
Machinery 250,000 $200,000 $5,000 220,000
Building 400,000 450,000 10,000 $380,000
Total for the CGU $680,000 $650,000 $15,000 $600,000
Has the CGU have any impairment loss in 2021? If yes then calculate and record the impairment loss on the CGU on September 31, 2021.
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