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Dow Corporation has assembled the following information for one of its divisions on December 31, 2020.
| | Fair Value | Book Value |
| Total identifiable assets (exclusive of goodwill) | | $720,000 |
| Goodwill | | 60,000 |
| Liabilities | | 300,000 |
| Fair value of the division. | $465,000 | |
a. Determine the impairment loss (if any) for the Dow Corporation division.
Note: Do not use a negative sign with your answer.
$Answer
b. How would your answer change if the fair value of total identifiable assets (exclusive of goodwill) were $495,000 instead?
$Answer
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