Bridgeport Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $440,000. The Johnson Divisions net assets, including the goodwill, have a carrying amount of $850,000. The fair value of the division is estimated to be $786,000 and the implied goodwill is $376,000. Prepare Bridgeport journal entry to record impairment of the goodwill.

350 000 The far value the division s estimated be $796,000 and t Bridgeport Corporation purchased Johnson Company 3 years ago and at that tim e recorded goodwill of $440 000 The Johnson Division's net assets, including the goodwill have a carry implied goodwill is $376,000. amount of eratry is required selec Nu Entry for the douun lities d'id enter 0 for he il. (Credit account t itles dre du ornat,cally rm ented when dmount as en ered. Du Jul 'ndert md'ludll . idgeport juurnal entry w record impaitment of uie ou w Debit Credit Account Titles and Explanation