ACME Incorporated acquired 100% of Elmer's Ltd. in 2018 and recognized $1.3-million in goodwill. Due to aggressive competition in Elmers' industry resulting in low sales the investment was found to be impaired and goodwill was written down to $900,000 in 2019. Due to a change in strategy and marketing in early 2020, the investment in Elmer's has increased in value and management believes that significant goodwill has been generated. Management estimates that the value of goodwill is 1.2-million at the end of 2020.