On December 31, an entity had a reporting unit that had a book value of $3,450,000, including goodwillof $225,000. As part of its annual goodwill impairment review, the entity determined that the fair value of the reporting unit was $3,310,000. The entity allocated $3,170,000 of the fair value of the reporting units to its assets and liabilities other than goodwill. What is the goodwill impairment loss to be reported on December 31 under the new standard? (Please show me your calculation)

Answer rating: 100% (QA)

i Under the new standard goodwill needs to be impaired if the rep... View the full answer