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13. Based on the above information, what amount would be reported by Brighton as goodwill impairment loss in 2019? *

$10,000

$60,000

$70,000

$280,000

None of the above

In order to reduce the risk associated with a new line of business, Conservative Corporation established Spin Company as a wholly-owned subsidiary. It transferred assets and accounts payable to Spin in exchange for its common stock. Spin recorded the following entry when the transaction occurred:

14. Based on the preceding information, what number of shares of $7 par value stock did Spin issue to Conservative? *

10,000 shares

7,000 shares

8,000 shares

25,000 shares

None of the above

15. Based on the preceding information, immediately after the transfer: *

Conservative's total assets decreased by $23,000

Conservative's total assets decreased by $20,000

Conservative's total assets increased by $56,000

Conservative's total assets remained the same

None of the above

On January 1, 2017, 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 this date. The information for the subsequent years were as shown in the below table. Year Fair Value of the Carrying Value of Reporting Unit Dakota's Identifiable (Dakota) Net Assets $1,400,000 $1.160,000 $1.400.000 $1.120,000 Identifiable net assets do not include goodwill . Fair Value Dakota's Identifiable Net Assets $1,190,000 $1.210.000 2018 2019 12. Based on the above information what amount would be reported by Bnghton as goodwill at the end of 2018? 50 560.000 5210 000 5270 000 one of the above On January 1, 2017, 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 this date. The information for the subsequent years were as shown in the below table. Year Fair Value of the Carrying Value of Reporting Unit Dakota's Identifiable (Dakota) Net Assets $1,400,000 $1.160,000 $1.400.000 $1.120,000 Identifiable net assets do not include goodwill . Fair Value Dakota's Identifiable Net Assets $1,190,000 $1.210.000 2018 2019 12. Based on the above information what amount would be reported by Bnghton as goodwill at the end of 2018? 50 560.000 5210 000 5270 000 one of the above

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