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  3. in 2020, ty cobb inc. had acquired mickey mantle c

In 2020, Ty Cobb Inc. had acquired Mickey Mantle Co. In the acquisition, $505.000 of...

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Accounting

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In 2020, Ty Cobb Inc. had acquired Mickey Mantle Co. In the acquisition, $505.000 of goodwill was recognized; this goodwill was assigned to Ty Cobb's manufacturing reporting unit. For 2021, earnings from the manufacturing unit were $260,000, Separately traded companies with operations similar to the manufacturing reporting unit of Ty Cobb have market values approximately equal to six times earnings (le, their price-earnings ratios are 6.0). As a result. Cobb estimates the fair value of the manufacturing reporting unit to be 51,560,000. At the end of the year, the book and fair values of the identifiable assets and liabilities of the manufacturing unit are as follows: Identifiable assets Liabilities Book values $3.484,000 2,000,000 Fair values $4,279,000 2,000,000 Based on this information, how much is the impairment loss that Ty Cobb would record for goodwill at the end of 2021

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