solved OPTION #1: CODIFICATION TO RESEARCH A COMPLEX ACCOUNTING ISSUE: THE

OPTION #1: CODIFICATION TO RESEARCH A COMPLEX ACCOUNTING ISSUE: THE CASE OF GOODWILL IMPAIRMENT AT JACKSON ENTERPRISESNote: For this Portfolio Project, please check with your instructor for instructions, including the user name and password, which CSU-Global pays for and provides for access to the FASB Accounting Standards Codification (ASC) which you will need.Read the Case of Goodwill Impairment at Jackson Enterprises (link below). After reading the case study, answer the questions provided.Financial reporting personnel at Jackson Enterprises (JE) are in the process of completing year-end activities, including necessary adjusting of entries to the consolidated financial statements. While JE has not previously believed it necessary to adjust its recognized goodwill from the Dynamic and ZD acquisitions, the valuation of goodwill is, nonetheless, a prominent concern in the closing process. Assume you are asked to research the financial statement issues surrounding the goodwill recorded for the Dynamic and ZD subsidiaries.Prepare a paper to address the questions below. In memorandum format, detail the issues involved, the judgements you made based on authoritative literature, and your recommendations for the direction of the goodwill valuation as it relates to Dynamic and ZD. In other words, does the evidence suggest further action is required in determining the appropriate valuation of goodwill? If so, what steps need to be taken?Note: Remember that textbooks are not considered authoritative guidance in accounting research.Identify and cite the relevant topics/subtopics from the FASB Accounting Standards Codification for this case.Identify the specific accounting issue that you believe needs to be initially addressed for JE’s consideration of goodwill regarding both Dynamic and ZD.What does the qualitative evidence from the case indicate about whether JE should perform the two-step impairment test? In your response, identify specific factors discussed in the Codification and relate them to the information provided to you in the case.Beyond the assessment of qualitative factors, what other evidence should be considered for the purpose of the analysis? What does this information suggest? For Dynamic, what do you think is the most appropriate fair value amount to use in assessing the fair value of this reporting unit? Explain. Why is this important?Based upon the information provided above, should Dynamic and ZD be combined or separated for the purposes of the goodwill analysis? Explain. Why is this important?Based upon your initial analysis, do you think the $200 million goodwill balance (i.e., the $150 million for Dynamic and the $50 million for ZD) is the appropriate valuation for goodwill on the December 31, 2014 balance sheet of JE?Requirements:Be sure to discuss and reference concepts taken from the required and recommended readings throughout the course and also from your own relevant research.Include a title page and reference pageEither submit a separate Excel file to support your findings or include exhibits as part of your paper.Include a minimum of six credible, academic, or professional references beyond the course text, required and recommended readings, or other course materials.Requirements: 9 | .xls file