On December 31, Star Corp. had a reporting unit that had a book value of $ 950,000, including goodwill of $ 130,000. As part of the company’s annual review of goodwill impairment, Star determined that...

On December 31, Star Corp. had a reporting unit that had a book value of $ 950,000, including goodwill of $ 130,000. As part of the company’s annual review of goodwill impairment, Star determined that the fair value of the reporting unit was $ 890,000. Star assigned $ 840,000 of the reporting unit’s fair value to its assets and liabilities other than goodwill. What is the goodwill impairment loss to be reported on December 31 under U. S. GAAP? a. $ 50,000 b. $ 60,000 c. $ 80,000 d. $ 110,000 View Solution:

On December 31 Star Corp had a reporting unit that