At December 31, 2022, Palestine Commercial Bank reports the following balance sheet information: Current assets $800,000...

 

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At December 31, 2022, Palestine Commercial Bank reports the following balance sheet information: Current assets $800,000 Noncurrent assets 2,600,000 Goodwill 300,000 Current liabilities (700,000) Long-term liabilities (500,000) Net assets $2.500.000 It is determined that the fair value of Palestine Commercial Bank division is $2,000,000 at December 31, 2022. The recorded amount for Palestine Commercial Bank's net assets is the same as fair value, except for property, plant, and equipment, which has a fair value of $250,000 above the carrying value, and long-term liabilities which have a fair value of $150,000 below the carrying value. 1) The amount of implied goodwill is S 200/000 2) Prepare the journal entry (if any) to record goodwill impairment at Dec. 31, 2022. Account DR CR unrealized balding loss 100,000 -cavity goodwill 400,000 3) In which section of the income statement should goodwill impairment loss be reported? confalized At December 31, 2022, Palestine Commercial Bank reports the following balance sheet information: Current assets $800,000 Noncurrent assets 2,600,000 Goodwill 300,000 Current liabilities (700,000) Long-term liabilities (500,000) Net assets $2.500.000 It is determined that the fair value of Palestine Commercial Bank division is $2,000,000 at December 31, 2022. The recorded amount for Palestine Commercial Bank's net assets is the same as fair value, except for property, plant, and equipment, which has a fair value of $250,000 above the carrying value, and long-term liabilities which have a fair value of $150,000 below the carrying value. 1) The amount of implied goodwill is S 200/000 2) Prepare the journal entry (if any) to record goodwill impairment at Dec. 31, 2022. Account DR CR unrealized balding loss 100,000 -cavity goodwill 400,000 3) In which section of the income statement should goodwill impairment loss be reported? confalized