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Exercise 6-Goodwill Computation and impairment. (6 points) On July 1, 2017, Vinson Corporation acquired Carley Company for $ the ti 900,000 cash. At me of
Exercise 6-Goodwill Computation and impairment. (6 points) On July 1, 2017, Vinson Corporation acquired Carley Company for $ the ti 900,000 cash. At me of purchase, Carley's balance sheet showed assets of $775,000 and liabilities of $250,000. The fair value of Carley's assets is estimated to be S Instructions (a) Compute the amount of goodwill acquired by Vinson. (b) On December 31, the fair value of Carley's net assets is estimated to be $720,000 and the implied fair value of goodwill is $170,000. The carrying value of Carley's net assets, including the goodwill, at year-end is $750,000. Prepare Vinson's journal entry, if necessary, to record impairment of goodwill
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