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What amount of loss on impairment of goodwill record

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Reference no: EM133090466

Question - Sheridan Corporation acquired End-of-the-World Products on January 1, 2020 for $6050000, and recorded goodwill of $1130000 as a result of that purchase. At December 31, 2021, the End-of-the-World Products Division had a fair value of $4384000. The net identifiable assets of the Division (including goodwill) had a carrying value of $5090000 at that time. What amount of loss on impairment of goodwill should Sheridan record in 2021?

a. $0

b. $960000

c. $1666000

d. $706000

Reference no: EM133090466

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