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17. ( 2 points) Bridgeport Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $310,000. The Johnson Division's net assets,

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17. ( 2 points) Bridgeport Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $310,000. The Johnson Division's net assets, including the goodwill, have a carrying amount of $620,000. The fair value of the division is estimated to be $810,000. Prepare Bridgeport journal entry to record impairment of the goodwill (if necessary). 18. ( 5 points) Concord Company had bonds outstanding with a face value of $400,000. On April 30, 2017, when these bonds had an unamortized discount of $35,000, they were called in at 103 . To pay for these bonds, Concord had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 101 (face value $400,000 ). Ignoring interest, record the journal entries for the redemption of the old bonds and the issuance of the new bonds. Redemption of Old Bonds Issuance of New Bonds

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