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MarigoldCorporation purchasedSplish BrothersCompany 3 years ago and at that time recorded goodwill of $480,000. TheSplish BrothersDivision's net assets, including the goodwill, have a carrying amount

MarigoldCorporation purchasedSplish BrothersCompany 3 years ago and at that time recorded goodwill of $480,000. TheSplish BrothersDivision's net assets, including the goodwill, have a carrying amount of $960,000. The fair value of the division is estimated to be $1,150,000.

PrepareMarigolds' journal entry, if necessary, to record impairment of the goodwill.

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