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QUESTION
Sonny Corporation acquired Cher Products on January 1, 2015 for $8,000,000, and recorded goodwill of $1,500,000 as a result of that purchase.
Sonny Corporation acquired Cher Products on January 1, 2015 for $8,000,000, and recorded goodwill of $1,500,000 as a result of that purchase. At December 31, 2015, Cher Products had a fair value of $6,800,000. the net identifiable assets of Cher Products (excluding goodwill) had a fair value of $5,800,000 at that time. What amount of loss on the impairment of goodwill should Sonny Corporation record in 2015?
