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Question;22. The;fair value of net identifiable assets of a reporting unit of X Company is;\$300,000. On X Company's books, the carrying value of this reporting unit's net;assets is \$350,000, including \$60,000 goodwill. If the fair value of the;reporting unit is subsequently \$335,000, what amount of goodwill impairment;will be recognized for this unit?;A. \$0;B. \$10,000;C. \$25,000;D. \$35,000;23. The;fair value of net identifiable assets of a reporting unit of Y Company is;\$270,000. The carrying value of the reporting unit's net assets on Y Company's;books is \$320,000, including \$50,000 goodwill. If the reported goodwill;impairment for the unit is \$10,000, what would be the fair value of the;reporting unit?;A. \$320,000;B. \$310,000;C. \$270,000;D. \$290,000;Following;its acquisition of the net assets of Dan Company, Empire Company assigned;goodwill of \$60,000 to one of the reporting divisions. Information for this;division follows;24. Based;on the preceding information, what amount of goodwill will be reported for this;division if its fair value is determined to be \$200,000?;A. \$0;B. \$60,000;C. \$30,000;D. \$10,000;25. Based;on the preceding information, what amount of goodwill impairment will be;recognized for this division if its fair value is determined to be;\$195,000?;A. \$5,000;B. \$30,000;C. \$60,000;D. \$55,000;26. Based;on the preceding information, what amount of goodwill impairment will be;recognized for this division if its fair value is determined to be;\$245,000?;A. \$0;B. \$5,000;C. \$60,000;D. \$55,000;Public;Equity Corporation acquired Lenore Company through an exchange of common;shares. All of Lenore's assets and liabilities were immediately transferred to;Public Equity. Public's common stock was trading at \$20 per share at the time;of exchange. Following selected information is also available.;27. Based;on the preceding information, what number of shares was issued at the time of;the exchange?;A. 5,000;B. 17,500;C. 12,500;D. 10,000;28. Based;on the preceding information, what is the par value of Public's common;stock?;A. \$10;B. \$1;C. \$5;D. \$4;29. Based;on the preceding information, what is the fair value of Lenore's net assets, if;goodwill of \$56,000 is recorded?;A. \$306,000;B. \$244,000;C. \$194,000;D. \$300,000

Paper#44452 | Written in 18-Jul-2015

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