Mills Company determines that its goodwill is impaired. It finds that its implied goodwill is $380,000 and

Question:

Mills Company determines that its goodwill is impaired. It finds that its implied goodwill is $380,000 and its recorded goodwill is $400,000. The fair value of its identifiable assets is $1,450,000. What is the amount of goodwill impaired?

Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...