On May Pesky Corporation acquired all of the outstanding common stock of Harman, Incorporated, for $ million. The fair value of Harman's identifiable tangible and intangible assets totaled $ million, and the fair value of liabilities assumed by Pesky was $ million.
Pesky performed a goodwill impairment test at the end of its fiscal year ended December Management has provided the following information:
Fair value of Harman, Incorporated $ million
Fair value of Harman's net assets excluding goodwill million
Book value of Harman's net assets including goodwill million
Required:
Determine the amount of goodwill that resulted from the Harman acquisition.
Determine the amount of goodwill impairment loss that Pesky should recognize at the end of if any.
If an impairment loss is required, prepare the journal entry to record the loss.
