Culver Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $500,000. The Johnson Division's net assets, including the goodwill, have a carrying amount of $900,000. The fair value of the division is estimated to be $862,000and the implied goodwill is $462,000.

Prepare Culver journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation Debit Credit

Question 19

Joni Shamrock Inc. has the following amounts reported in its general ledger at the end of the current year.

Organization costs $23,600

Trademarks 15,300

Discount on bonds payable 36,600

Deposits with advertising agency for ads to promote goodwill of company 11,600

Excess of cost over fair value of net identifiable assets of acquired subsidiary 76,600

Cost of equipment acquired for research and development projects; theequipment has an alternative future use 86,600

Costs of developing a secret formula for a product that is expected tobe marketed for at least 20 years 82,200

(a)

On the basis of this information, compute the total amount to be reported by Shamrock for intangible assets on its balance sheet at year-end.

Total amount reported for intangible assets$