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Determine the amount of goodwill impairment

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Reference no: EM132913545

Problem - Practical Corporation acquired all of the common stock of Simple Company for $469,000 on January 1, 20x4. On that date, Simple's identifiable net assets had a fair value of $409,000. The assets acquired in the purchase of Simple are considered to be a separate reporting unit of Practical. The carrying value of the Simple reporting unit's net assets at December 31, 20x4, is $491,000.

Required - Determine the amount of goodwill impairment, if any, that should be recognized at December 31, 20x4, if the fair value of the Simple reporting unit is determined to be

a. $539,000.

b. $477,000.

c. $469,000.

Reference no: EM132913545

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