When should a consolidated entity recognize a goodwill impairment loss?
A. Whenever the entity's market value declines significantly.
B. If both the market value of a reporting unit and its associated implied goodwill fall below their respective carrying values.
C. Annually on a systematic and rational basis.
D. If a reporting unit's market value falls below its original acquisition price.
Answer: B. If both the market value of a reporting unit and its associated implied goodwill fall below their respective carrying values.
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