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Problem - Goodwill impairment - On January 1, 20Y3, The Simmons Group, Inc., purchased the assets of NWS Insurance Co. for $36,000,000, a price reflecting an $8,000,000 goodwill premium. On December 31, 20Y9, The Simmons Group determined that the goodwill from the NWS acquisition was impaired and had a value of only $2,300,000.
Required -
a. Determine the book value of the goodwill on December 31, 20Y9, prior to making the impairment adjustment.
b. Illustrate the effects on the accounts and financial statements of the December 31, 20Y9, adjustment for the goodwill impairment.
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