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On March 31, 2020, Pharoah Company paid $5,928,000 to acquire all of the common stock of Drive Incorporated, which became a division Assume that the
On March 31, 2020, Pharoah Company paid $5,928,000 to acquire all of the common stock of Drive Incorporated, which became a division
Assume that the fair value of the Drive Division is $3,983,000 instead of $4,562,000. Determine the impairment loss, if any to be recorded on December 31, 2020.
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