Question
Brief Exercise 12-8 Monty Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $350,000. The Johnson Division's net assets, including
Brief Exercise 12-8
Monty Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $350,000. The Johnson Division's net assets, including the goodwill, have a carrying amount of $710,000. The fair value of the division is estimated to be $646,000and the implied goodwill is $286,000.
Prepare Monty journal entry to record impairment of the goodwill.
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Data Analytics for Accounting
Authors: Vernon Richardson
1st edition
1260375196, 9781260375183 , 978-1260375190
