Mathematics, 11.02.2020 21:32 moowalden1239
In 20X1, Cordova Inc. acquired Cordant Corporation and $140 million in goodwill was recorded. At the end of its 20X3 fiscal year, management has provided the following information for a required goodwill impairment test ($ in millions):
Fair value of Cordant (approximates fair value less costs to sell) $ 980
Fair value of Cordant’s net assets (excluding goodwill) 900
Book value of Cordant’s net assets (including goodwill) 1,050
Present value of estimated future cash flows 1,000
Assuming that Cordant is considered a reporting unit, the amount of goodwill impairment loss that Cordova should recognize according to U. S. GAAP is:
Multiple Choice
1. None.
2. $20 million.
3. $50 million.
4. $70 million.
Answers: 2
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In 20X1, Cordova Inc. acquired Cordant Corporation and $140 million in goodwill was recorded. At the...
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