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It is REally urgent!! Please help meee!!!!! Weaver Corporation purchased Maranda Company 3 years ago and at that time recorded goodwill of $600,000. The Division's
It is REally urgent!! Please help meee!!!!!
Weaver Corporation purchased Maranda Company 3 years ago and at that time recorded goodwill of $600,000. The Division's net assets, including the goodwill, have a carrying amount of $1,200,000. The fair value of the division is estimated to be $1,100,000.
Required:
a. Prepare Weaver's journal entry, if necessary, to record impairment of the goodwill.
b. Determine the carrying amount of goodwill after your assessment in Part (a)
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