Question - Sea Monster Corporation has $360 million of goodwill on its book from the 2008 acquisition of Seaford Shipping. At the end of its 2011 fiscal year, management has provided the following information for its annual goodwill impairment test ($ in millions):
Fair value of Seaford (approximates fair value less costs to sell) $810
Fair value of Seaford's net assets (excluding goodwill) 650
Book value of Seaford's net assets (including goodwill) 850
Present value of estimated future cash flows 825
Required: Determine the amount of goodwill impairment loss that Sea Monster should recognize.