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December 31, Year 1: Richter had previously recorded $300,000 of goodwill related to an acquisition. At December 31, Year 1, the carrying value of the

December 31, Year 1:
Richter had previously recorded $300,000 of goodwill related to an acquisition. At December 31, Year 1, the carrying value of the identifiable net assets acquired exceeded their fair value by $50,000. The implied fair value of the goodwill was $310,000. Prepare the journal entry, if any, to adjust the carrying value of goodwill.

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