Webhelper inc acquired 100 of the outstanding stock of, Financial Accounting

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Webhelper inc acquired 100 of the outstanding stock of

WebHelper Inc. acquired 100% of the outstanding stock of Silicon Chips Corporation (SCC) for $45 million, of which $15 million was allocated to goodwill. At the end of the current fiscal year, an impairment test revealed the following: fair value of SCC, $40 million; fair value of SCCs net assets (excluding goodwill), $31 million; book value of SCCs net assets (including goodwill), $42 million.

What amount of impairment loss should Web Helper recognize?

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Financial Accounting: Webhelper inc acquired 100 of the outstanding stock of

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Financial Accounting: Webhelper inc acquired 100 of the outstanding stock of

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