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Question - Pet Company recently acquired two businesses, Boat and Tree, recognizing goodwill in each acquisition. Pet has allocated the acquired goodwill to both of its reporting units. Pet provides the following information for performing its 2019 annual review for Goodwill impairment:
Subsidiary
Total Fair Value of the Subsidiary
b - $285,000
t - $225,000
Fair Value of the Subsidiary's Identifiable Net Assets
b - 390,000
t - 215,000
Carrying Value of the Subsidiary's Total Net Assets (Including Goodwill)
b - 370,000
t - 230,000
Carrying Value of the Allocated Goodwill
b - 50,000
t - 75,000
Pet decided to forgo the qualitative test for goodwill impairment and instead to go directly to the quantitative test.
Required - Compute the amount of goodwill impairment (if any) that Pet must include in the Consolidated Income Statement for 2019.
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