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Category > Accounting Posted 12 Aug 2017 My Price 11.00

Sheahan Company

1. (TCO C) Sheahan Company recently acquired three businesses, recognizing goodwill in each acquisition. Acquired goodwill was allocated to the three reporting units: Penny, Nickel, and Dime. Sheahan provides the following information in performing the 2012 annual review for impairment:

		Carrying Value	Fair Value	Valuation of Reporting Unit (including Goodwill)
Penny	Tangible Assets	$200,000	$225,000	$365,000
	Trademarks	15,000	10,000
	Licenses	62,000	75,000
	Liabilities	17,000	17,000
	Goodwill	85,000	?

Nickel	Tangible Assets	$185,000	$345,000	$330,000
	Trademarks	20,000	35,000
	Licenses	22,000	22,000
	Goodwill	137,000	?

Dime	Tangible Assets	$95,000	$95,000	$185,000
	Unpatented Technology	0	35,000
	Customer List	44,000	44,000
	Goodwill	655,000	?

Required:
(A) Which of Sheahan's reporting units require both steps to test for goodwill impairment??
(B) How much goodwill impairment should Sheahan report for 2012?

Answers

Maurice Tutor

(5)

Status NEW Posted 12 Aug 2017 01:08 PM My Price 11.00

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