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Company A purchased Company B, and recorded goodwill as an intangible asset on the balance sheet. A few months later Company A realized that
Company A purchased Company B, and recorded goodwill as an intangible asset on the balance sheet. A few months later Company A realized that it overpaid for Company B by $2million. What is this condition called, and what must company A do now that it knows it overpaid? Do not prepare a journal entry.
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