Twilight Corporation Acquired End-Of-The-World Products on January 1, 2014 for $6,400,000

question 38

Multiple Choice

Twilight Corporation acquired End-of-the-World Products on January 1, 2014 for $6,400,000, and recorded goodwill of $1,200,000 as a result of that purchase. At December 31, 2015, the End-of-the-World Products Division had a fair value of $5,440,000. The net identifiable assets of the Division (excluding goodwill) had a fair value of $4,640,000 at that time. What amount of loss on impairment of goodwill should Twilight record in 2015?

• A) $ -0-
• B) $400,000
• C) $560,000
• D) $960,000

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Definitions:

Self-awareness

The conscious knowledge of one's own character, feelings, motives, and desires.

Male Clients

Specifically refers to clients who identify as male and might have unique therapeutic needs related to gender and societal roles.

Internalized Oppression

The acceptance and incorporation by individuals of negative stereotypes and beliefs about their own group, often resulting in self-limitation or devaluation.

Disconnected

Describes a state of being emotionally or psychologically detached from others or from one's surroundings.