Assume that Martinez is a private entity and tested its goodwill for impairment on December 31, 2021. Management determined that the reporting units carrying amount (including goodwill) was $533,000 and that the reporting units fair value (including goodwill) was $462,000 Determine if there is any impairment and prepare any necessary entry on December 31, 2021. Martinez applies.

Answer rating: 100% (QA)

Impairment loss carrying amount fair value 533000462000 71000 The company ca... View the full answer