Question
Bramble Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $400,000. The Johnson Divisions net assets, including the goodwill, have
Bramble Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $400,000. The Johnson Divisions net assets, including the goodwill, have a carrying amount of $790,000. The fair value of the division is estimated to be $746,000 and the implied goodwill is $356,000. Prepare Bramble journal entry to record impairment of the goodwill.
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Research Methods In Accounting
Authors: Malcolm Smith
6th Edition
1529779774, 978-1529779776
