Information about the assets of TAP Holdings is provided below:
• TAP purchased land on January 1, 2013 for $250 million. As of January 1, 2018, the fair value was estimated to be $290 million.
• TAP purchased a trademark on January 1, 2016 for $150 million. As of January 1, 2018, the fair value was estimated to be $80 million.
• TAP acquired a company on Jun 5, 2016 and recognized $880 million in goodwill as a result. A $140 million goodwill impairment was recognized at year end 2017.
• Assume a useful life of 5 years and the straight-line method for any depreciable or amortizable assets above.
Assume TAP reports under US GAAP. What is the total value of these assets reported on TAP's balance sheet as of January 1, 2018
a) $ 1,070 million
b) $ 890 million
c) $1,170 million
d) $1,140 million

In order to calculate the total value of these assets reported on TAP's balance sheet as of January 1, 2018 we would have to make the following calculation with the following formula:

Total Value of Assets = Land at cost + Trade Mark at Fair Value + Goodwill after impairment loss

Note: Under the US Gaap the land is presented at Cost

Therefore, Total Value of Assets = $250 million + $80 million + ( $880 million-$140 million)

Total Value of Assets = $250 million+$80 million+$740 million

Total Value of Assets = $ 1,070 million

The total value of these assets reported on TAP's balance sheet as of January 1, 2018 is $ 1,070 million