Twilight Corporation acquired End-of-the-World Products on January 1, 2020 for $12,800,000, and recorded goodwill of...
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Twilight Corporation acquired End-of-the-World Products on January 1, 2020 for $12,800,000, and recorded goodwill of $2,400,000 as a result of that purchase. At December 31, 2021, the End-of-the-World Products Division had a fair value of $10,880,000. The net identifiable assets of the Division (including goodwill) had a carrying value of $11,480,000 at that time. What amount of loss on impairment of goodwill should Twilight record in 2021?
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