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QUESTION
At that time, the book value of the Lumber Division"s net assets, including goodwill, was $450,000. The fair value of the identifiable net assets,...
At that time, the book value of the Lumber Division"s net assets, including goodwill, was $450,000. The fair value of the identifiable net assets, exclusive of goodwill, was estimated to be $340,000. The fair value of the Lumber Division was estimated to be $400,000. Is goodwill impaired? If so, what adjustment is needed?
