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Question - On January 1, 2021, Kara Company acquired all the assets and liabilities of Krypton Company. Krypton Company has a number of operating divisions. Its toy cars division is regarded as a CGU unit. In paying P2,000,000 for the net assets of Krypton Company, Kara Company calculated that it acquired goodwill of 300,000. Goodwill was allocated to each of the divisions and the assets and liabilities were measured at fair value at acquisition date.
At December 31, 2021, the carrying amounts of the assets of the toy cars division were:
Factory Building
320,000
Inventory
130,000
Brand Name "SW"
50,000
Goodwill
There is a declining interest to toy cars because of aggressive marketing of computer-based toys. The net recoverable amount of the toy car division at December 31, 2021 was P390,000.
Required - Determine the amount of impairment charged to Factory Building, Inventory, Brand Name and Goodwill.
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