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Dow Corporation has assembled the following information for one of its divisions on December 31,...

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Accounting

Dow Corporation has assembled the following information for one of its divisions on December 31, 2020.

Fair Value Book Value
Total identifiable assets (exclusive of goodwill) $720,000
Goodwill 60,000
Liabilities 300,000
Fair value of the division. $465,000

a. Determine the impairment loss (if any) for the Dow Corporation division.

Note: Do not use a negative sign with your answer.

$Answer

b. How would your answer change if the fair value of total identifiable assets (exclusive of goodwill) were $495,000 instead?

$Answer

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