Business, 03.06.2020 01:59 laurydamas2002

Information about the assets of TAP Holdings is provided below:
• TAP purchased land on January 1, 2013 for $250 million. As of January 1, 2018, the fair value was estimated to be $290 million.
• TAP purchased a trademark on January 1, 2016 for $150 million. As of January 1, 2018, the fair value was estimated to be $80 million.
• TAP acquired a company on Jun 5, 2016 and recognized $880 million in goodwill as a result. A $140 million goodwill impairment was recognized at year end 2017.
• Assume a useful life of 5 years and the straight-line method for any depreciable or amortizable assets above.
Assume TAP reports under US GAAP. What is the total value of these assets reported on TAP's balance sheet as of January 1, 2018
a) $ 1,070 million
b) $ 890 million
c) $1,170 million
d) $1,140 million

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Information about the assets of TAP Holdings is provided below:
• TAP purchased land on Janua...

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