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Acme purchased a subsidiary many years ago that produces various specialty medical glass products and named it AcmeMeds. Due to inferior durability in one of
Acme purchased a subsidiary many years ago that produces various specialty medical glass products and named it AcmeMeds. Due to inferior durability in one of its products, the market reacted negatively to the product and Acme decided to review the AcmeMeds operating segment for impairment to goodwill.
| Book Value of AcmeMeds | 5,000,000 |
| Book Value of goodwill (included in the book value of AcmeMeds | 480,000 |
| Fair Value of Acme Meds | 3,850,000 |
| Fair Value of Acme Meds identifiable assets | 3,600,000 |
What are the amounts for the journal entries?
| DR Impairment Loss on Goodwill | ? | |
| CR Goodwill | ? |
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