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Metlock Golf Inc. was formed on July 1, 2014, when Matt Magilke purchased the Golf School Company. Golf School Company provides video golf...
Fair Values
$3,000
$25,000
Required:
· For each of the items, what are possible reasons why no impairment was recorded in 2014 and 2015? (Provide references from the FASB codification.)
· What considerations will be made to determine if impairment will be recorded in 2016? (Provide references from the FASB codification.)
· How is anything related to intangibles would appear on the balance sheet and income statement on a comparative basis for 2016, 2015, and 2014?
· What items will need to be monitored in future years that will continue to impact the carrying value of the intangibles.
