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Tropicana Company has a reporting unit resulting from an earlier business combination. The reporting unit's current assets and liabilities are as follows:
Item Carrying Amount
Cash 40,000
Accts Rec 18,000
Inventory 37,000
Equipment 49,000
Machinery 24,000
Buildings 314,000
Land 175,000
Goodwill 212,000
Accts Payable 57,000
Notes Payable 183,000
Question 1: Determine the amount of goodwill to be reported and the amount of goodwill impairment, if any, for each of the following independent situations.
a. Total fair value of the reporting unit is estimated to be $640,000
b. Total fair value of the reporting unit is estimated to be $610,000
c. Total fair value of the reporting unit is estimated to be $580,000
Financial Statement Analysis and Preparation
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