User Account

All Pages

What amount of loss on impairment of goodwill

Assignment Help Accounting Basics
Reference no: EM132643542

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

Questions Cloud

What is the profit for a long bull spread : Using these options what is the profit for a long bull spread (sell call #2 and buy call #1) if the stock price at expiration of the options is equal to $110?
Difference between Internet and World Wide Web : What is the difference between the Internet and the World Wide Web? Create at least three statements that identify the differences between the two.
What the classification and normal balance of the accounts : What the classification and normal balance of the accounts payable account is? stockholders' equity with a credit balance. / a liability with a credit balance
What question do you have about the issues raised in article : Do you agree or disagree with the conclusions of the author? Why or why not? What questions do you have about the issues raised in the article?
What amount of loss on impairment of goodwill : Pharoah Corporation acquired Linebrink Products on January 1, 2021 for $7900000, What amount of loss on impairment of goodwill
Unethical person and risk involved in whistle blowing : Base your posting on your relationship with the "unethical person" and any risk involved in "whistle blowing".
What is the impact to x assets : Who are two users of X's financial statements and what are their decision-making needs? What is the impact to X's assets and liabilities
Find the least amount of amortization that could be recorded : The new patent has a legal and useful life of twenty years. Find the least amount of amortization that could be recorded in 2021
Cloud computing in business organizations : Research at least two articles on the topic of the strategic importance of cloud computing in business organizations.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd