On July 1.2020. Oriole Corporation acquired Pharoah Company for $846,000 cash. At the time of purchase, Pharoah's balance sheet showed assets of $728,500 and liabilities of $235,000. The fair value of Pharoah's assets is estimated to be $893,000. Your answer is correct. Compute the amount of goodwill acquired by Oriole. Amount of goodwill $ 188000 e Textbook and Media List of Accounts 16 On December 31, the fair value of Pharoah is estimated to be $676,800. The carrying value of Pharoah's net identifiable assets, including the goodwill, at year-end is $705,000. Prepare Oriole's journal entry, if necessary, to record impairment of goodwill. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Attempts: 0 of 3 used