We know that Facebook acquired two companies in 2014. If Facebook took a goodwill impairment worth of $1 million in the year after the acquisition, how was Facebook's income statement and balance sheet affected by this impairment in 2015? Ignore taxes and choose the choice that reflects all affected accounts. O A. Net income decreased by 1 million and assets decreased by 1 million O B. Net income decreased by 1 million and assets increased by 1 million O C. No impact on income statement and balance sheet O D. Net income decreased by 1 million, assets decreased by 1 million, and retained earnings decreased by 1 million

We know that Facebook acquired two companies in 2014. If Facebook took a goodwill impairment worth of $1 million in the year after the acquisition, how was Facebook's income statement and balance sheet affected by this impairment in 2015? Ignore taxes and choose the choice that reflects all affected accounts. O A. Net income decreased by 1 million and assets decreased by 1 million O B. Net income decreased by 1 million and assets increased by 1 million O C. No impact on income statement and balance sheet O D. Net income decreased by 1 million, assets decreased by 1 million, and retained earnings decreased by 1 million

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4TP: You are considering two possible companies for investment purposes. The following data is available...

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