Business, 07.03.2021 23:10 lolav3907

On January 1, 20X7, Sheet reported net assets with a book value of $150,000 and a fair value of $191,250. Goodwill of $25,000 was recorded at the acquisition. Accumulated depreciation on buildings and equipment was $60,000 on the acquisition date. Sheet's depreciable assets had an estimated economic life of 11 years on the date of combination. At December 31, 20X8, Pillow’s management reviewed the amount attributed to goodwill and concluded goodwill was impaired and should be reduced to $14,000. Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders.
Pillow used the equity method in accounting for its investment in Sheet.
Detailed analysis of receivables and payables showed that Pillow owed Sheet $9,000 on December 31, 20X8.
Assume that the Investment in Sheet Company at 1/1/X8 is $202,000

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On January 1, 20X7, Sheet reported net assets with a book value of $150,000 and a fair value of $191...

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