CPA Far Quiz
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SELECT FINANCIAL STATEMENT ACCOUNTS
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A for-profit business entity, Crestline Media, reports goodwill of $25 million for a reporting unit. During the annual goodwill impairment test under FASB ASC 350, Crestline determines the reporting unit's carrying amount is $120 million and its fair value is $110 million, with no recognized amounts for unrecognized assets or liabilities outside the reporting unit. What is the appropriate accounting treatment for goodwill impairment?
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