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What amount of loss on impairment of goodwill

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Question - Pharoah Corporation acquired Linebrink Products on January 1, 2021 for $7900000, and recorded goodwill of $1900000 as a result of that purchase. At December 31, 2021, Linebrink Products had a fair value of $6653000. The net identifiable assets of the Linebrink (including goodwill) had a carrying value of $7150000 at that time. What amount of loss on impairment of goodwill should Pharoah record in 2021?

a. $750000

b. $497000

c. $1247000

d. $0

Reference no: EM132643542

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