On January 1, 2013, Brighton Company Acquired the Net Assets

question 30

Essay

On January 1, 2013, Brighton Company acquired the net assets of Dakota Company for $1,580,000 cash. The fair value of Dakota's identifiable net assets was $1,310,000 on his date. Brighton Company decided to measure goodwill impairment using the present value of future cash flows to estimate the fair value of the reporting unit (Dakota). The information for these subsequent years is as follows: * Identifiable net assets do not include goodwill.
Required:
A: For each year determine the amount of goodwill impairment, if any.
B: Prepare the journal entries needed each year to record the goodwill impairment (if any) on Brighton's books.

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Definitions:

Lambda Expression

A concise way to represent an anonymous function in programming, allowing for a clear and compact expression of instances of single-method interfaces.

Action Listener

An interface in Java that listens for and handles ActionEvent, typically involving user interaction with GUI components.

Button Action

An event or behavior that is triggered in response to the user clicking a button in a graphical user interface.

View Port

The visible area of a component, application, or document being displayed on a screen.