Business, 03.07.2020 23:01 21marmong

In 2020, Dooling Corporation acquired Oxford Inc. for $250 million, of which $50 million was attributed to goodwill. At the end of 2021, Dooling's accountants derive the following information for a required goodwill impairment test: Book value of Oxford (including goodwill): $234.5 million
Fair value of Oxford's tangible and intangible assets (excluding goodwill): $209.5 million
Fair value of Oxford (the reporting unit): $260.0 million

Required:
a. Determine the amount, if any, of the goodwill impairment loss that Dooling must recognize on these assets.
b. Determine the proper balance of goodwill in Dooling’s records at the end of 2021

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In 2020, Dooling Corporation acquired Oxford Inc. for $250 million, of which $50 million was attribu...

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