On January 1, 2020, Plurfute Ltd acquired 80% of Dansern Corporation for $1,496,000 with 100% goodwill valued at $30,500. On December 31, 2020, Plurfute Ltd compared the fair value of Dansern Corporation to its carrying value which revealed are reduction to $1,200,000. The fair value of Danserns assets at December 30, 2020, were as follows:

Current assets $ 100,000

Property 250,000

Equipment 530,000

Furniture 280,000

Patents 370,000

Current liabilities (88,000)

Long-term debt (250,000)

Calculate the impairment loss to be included in the consolidated statements as at December 31, 2020, and prepare the journal entries.

Assume the full goodwill method used. (8 marks)

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