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What goodwill impairment should be recognized by cranes

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Reference no: EM132902923

Problem 1: Cranes Company bought Special Products Division in 2020 and appropriately recorded $761000 of goodwill related to the purchase. On December 31, 2021, the fair value of Special Products Division is $6600000 and it is carried on Crane's books for a total of $5700000, including the goodwill. An analysis of Special Products Division's assets indicates that goodwill of $633000 exists on December 31, 2021. What goodwill impairment should be recognized by Cranes in 2021?

Option 1: $0.

Option 2: $761000.

Option 3: $900000.

Option 4: $139000.

Reference no: EM132902923

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