Fleming Corporation acquired out of Sight Products on January 1, 2008 for $4,000,000, and recorded goodwill of $750,000 as a result of that purchase. At December 31, 2008, the out of sight production Division had fair value of $3,400,000. The net identifiable assets of the Division (excluding goodwill) had a fair value and carrying a value of $2,900,000 at that time. What amount of loss on impalement of goodwill should Fleming record in 2008?

a. $0

b. $250,000

c. $350,000

d. $600,000

Answer rating: 100% (QA)

Fleming Co IF the Fleming co bought out of sight for 4000000 and recorde... View the full answer