Business, 07.07.2020 20:01 fluffylove83

On January 1, 20X1, Porta Corporation purchased Swick Companyâs net assets and assigned goodwill of $80,900 to Reporting Division K. The following assets and liabilities are assigned to Reporting Division K on the acquisition date: Carrying Amount Fair Value Cash $14,900 $14,900 Inventory 56,900 71,900 Equipment 179,000 199,000 Goodwill 80,900 Accounts Payable 30,900 30,900 Required: On December 31, 20X3, Porta must test goodwill for impairment. Determine the amount of goodwill to be reported for Division K and the amount of goodwill impairment to be recognized, if any, if Division Kâs fair value is determined to be:.a. $349,000. b. $289,000. c. $269,000.

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On January 1, 20X1, Porta Corporation purchased Swick Companyâs net assets and assigned goodwill of...

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