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EXERCISE 12-15
(a)
December 31, 2010
Loss on Impairment.............................. 15,000,000
Goodwill.....................................
....
15,000,000
The fair value of the reporting unit ($335 million) is below its carrying
value ($350 million). Therefore, an impairment has occurred. To
determine the impair-ment amount, we first find the implied goodwill.
We then compare this implied fair value to the carrying value of the
goodwill to determine the amount of the impairment to record.
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ACCT 551 Week 1 Homework E12-5, E12-16
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E12-5 (Correct Intangible Assets Account) As the recently appointed
auditor for William J. Bryan Corporation, you have been asked to
examine selected accounts before the 6-month financial statements of
June 30, 2014, are prepared. The controller for William J. Bryan