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Jenks Corporation acquired Linebrink Products on January 1, 2021 for $8,000,000, and recorded goodwill of $1,700,000 as a result of that purchase. At December 31,
Jenks Corporation acquired Linebrink Products on January 1, 2021 for $8,000,000, and recorded goodwill of $1,700,000 as a result of that purchase. At December 31, 2021, Linebrink Products had a fair value of $6,800,000. The net identifiable assets of the Linebrink (including goodwill) had a carrying value of $7,300,000 at that time. What amount of loss on impairment of goodwill should Jenks record in 2021
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