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Question - As a new intern for the local branch office of a national brokerage firm, you are excited to get an assignment that allows you to use your accounting expertise. Your supervisor provides you with the spreadsheet below, which contains data for the most recent quarter for three companies that the firm has been recommending to its clients as "buys." Each of the companies' returns on assets has outperformed their industry cohorts in the past. But, given recent challenges in their markets, there is concern that the companies may experience operating challenges and lower earnings. (All numbers in millions, except return on assets.)
Company
Fair Value of Company
Book Value (Net Assets Including Goodwill)
Carrying Value of Goodwill
Return on Assets
Sprint Nextel
$36,541
$51,381
$30,668
3.8%
Washington Mutual
11,592
23,881
9,032
2.4%
E* Trade Financial
1,632
4,104
2,050
5.0%
Required - Estimate the amount of goodwill impairment for each company and prepare the journal entry to record the impairment. For each company, you may assume that the book value less the carrying value of the goodwill approximates the fair value of the company's net assets.
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