Waters Corporation purchased Jang Group 3 years ago and at that time recorded goodwill of HK($400),000. The

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Waters Corporation purchased Jang Group 3 years ago and at that time recorded goodwill of HK\($400\),000. The Jang Division’s net assets, including the goodwill, have a carrying amount of HK\($800\),000. The fair value of the division is estimated to be HK\($1\),000,000. Prepare Waters’ journal entry, if necessary, to record impairment of the goodwill.

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Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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