Question
Brief Exercise 12-8 Flounder Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $350,000. The Johnson Divisions net assets, including
Brief Exercise 12-8
Flounder Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $350,000. The Johnson Divisions net assets, including the goodwill, have a carrying amount of $780,000. The fair value of the division is estimated to be $728,000 and the implied goodwill is $298,000. Prepare Flounder journal entry to record impairment of the goodwill.
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Essentials Of Auditing And Assurance Services An Integrated Approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Al Arens
1st Edition
0130463035, 9780130463036
