Goodwill Impairment

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Part1.
 
When AOL initially acquired Bebo, Inc. for more than the market value of Bebo’s assets, AOL recorded an intangible asset: goodwill. AOL subsequently reported a goodwill impairment loss in excess of $1 billion related to its sale of Bebo Inc. This is not the first time AOL has been involved in a large write-down of goodwill. In 2002, AOL Time Warner reported a $54 billion impairment related to the goodwill recorded in the merger of AOL and Time Warner.
 
Write at least 200 words answering the following:
 

How would the impairment of goodwill be reported on the income statement of AOL/AOL Time Warner? How would this affect the companies’ statement of cash flows?

 

Identify issues that the auditors might have encountered in relating to the impairment of goodwill.

 

Identify issues that could arise with the shareholders as a result of the impairment loss.

 
Part 2.
 
Consolidated Financials Excersise:
 
Using the following information answer the following in a Word document:
 
P Corporation acquired 100 percent of S Company’s assets on January 1, 2011, by issuing 1,250,000 shares of its $1 par common stock. The common stock issue in the acquisition had a market value of $80.80 per share. Balance sheets of both companies immediately prior to the acquisition are shown below.

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