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Question - In 2019, Quasar Ltd. acquired all of the common stock of Penlight Laser for $124 million. The fair value of Penlight's identifiable tangible and intangible assets totaled $209 million, and the fair value of liabilities assumed by Quasar was $95 million. Quasar performed a required goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information:
Fair value of Penlight (reporting unit) $118 million
Fair value of Penlight's net assets (excluding goodwill) 112 million
Book value of Penlight's net assets (including goodwill) 127 million
Required -
1. Determine the amount of goodwill that resulted from the Penlight acquisition.
2. Determine the amount of goodwill impairment loss that Quasar should recognize at the end of 2021, if any.
3. If an impairment loss is required, prepare the journal entry to record the loss.
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