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General Products Company bought Special Products Division in 2010 and appropriately recorded 500,000 of goodwill related to the purchase. On December 31,2011, the fair value of Special Products Division is 4,000,000 and it is carried on General Products' books for a total of 3,400,000, including the goodwill. An analysis of special products division's assets indicates that goodwill of 400,000 exists on December 31, 2011. What goodwill impairment should be recognized by General Products?

a) 0
b) 200,000
c) 50,000
d) 300,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9285222

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