Lily Ltd acquired all the issued share capital of Nadal Ltd on 1 July 20x0. Goodwill acquired was $1,000,000 and Lily Ltd tests this goodwill for impairment every year. As at July 1 20x5 $500,000 of the original goodwill had been recorded as impaired. For the year ended June 30 20X6 a further $100,000 was regarded as being impaired. What is the elimination journal entry accounting for the impairment of this goodwill in Lily Group consolidated financial statements for the year ended 30 June 20X6? Select one: A. Accounts Debit $ Credit $ 100,000 Goodwill impairment expense Retained profits Accumulated goodwill impairment 500,000 600,000 B. Accounts s Debit $ Credit $ Goodwill amortisation expense 100,000 Goodwill 100,000 C Accounts Debit $ Credits 100,000 Goodwill impairment expense Retained profits 100,000 MacBook Pro Q @ # ^ $ 4 % 5 3 on & 7. 6 8 W E R T Y U I MACOUARIE BUSINESS SCHOOL Help Me A. Accounts Debit $ Credit $ 100,000 Goodwill impairment expense Retained profits Accumulated goodwill impairment 500,000 600,000 B. Debit $ Credit $ Accounts Goodwill amortisation expense 100,000 Goodwill 100,000 C. Accounts Debit $ Credit $ Goodwill impairment expense Retained profits 100,000 100,000 * D Debit $ Credit $ 100,000 Accounts Goodwill impairment expense Retained profits Accumulated goodwill impairment 600,000 700,000 MacBook Pro BBBBBB # $ @ 2 % 3 4 5 6 & 7 8