Fleming Corporation Acquired Out-Of-Sight Products on January 1, 2008 for $4,000,000

Multiple Choice

Fleming Corporation acquired Out-of-Sight Products on January 1, 2008 for $4,000,000, and recorded goodwill of $750,000 as a result of that purchase.At December 31, 2008, the Out-of-Sight Products Division had a fair value of $3,400,000.The net identifiable assets of the Division (excluding goodwill) had a fair value of $2,900,000 at that time.What amount of loss on impairment of goodwill should Fleming record in 2008?

A) $ -0-
B) $250,000
C) $350,000
D) $600,000