Kingston Corporation has $108 million of goodwill on its books from the 2019 acquisition of Reliant Motors. At the end of its 2021 fiscal year, management has provided the following information for its required goodwill impairment test ($ in millions): Fair value of Reliant (approximates fair value less costs to sell) $ 650 Fair value of Reliance net assets (excluding goodwill) 613 Book value of Reliance net assets (including goodwill) 713 Present value of estimated future cash flows 679 Assuming that Reliant is considered a reporting unit for U. S. GAAP and a cash-generating unit for IFRS, the amount of goodwill impairment loss that Kingston should recognize according to U. S. GAAP and IFRS, respectively, is: U. S. GAAP IFRS a. $ 63 million $ 63 million b. $ 37 million $ 63 million c. $ 0 $ 34 million d. $ 63 million $ 34 million
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Kingston Corporation has $108 million of goodwill on its books from the 2019 acquisition of Reliant...
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