Pane purchased a subsidiary many years ago that produces various specialty medical glass products and named it PaneMeds, which invested heavily in an artificial jaw replacement, GlassJaw. Due to inferior durability, the market reacted negatively to the product and Pane decided to review the PaneMeds operating segment for impairment to goodwill.

Book value		$5,700,000
Goodwill (included in the book value)		$530,000
Fair value		$4,515,000
Fair value of identifiable net assets		$4,090,000

make journal entry with accounts listed below

dr.

cr.

Cash

Investment in Available-for-Sale Securities

Allowance for Change in Fair Value of Available-for-Sale Investments

Investment in Equity Securities

Accounts Receivable

Allowance for Doubtful Accounts

Consulting Services Contract Asset

Inventory

Prepaid Rent

Notes Receivable

Interest Receivable

Machinery

Accumulated Depreciation - Machinery

Equipment Leased to Others

Accumulated Depreciation - Equip. Leased to Others

Leased Equipment

Accumulated Depreciation - Leased Equip.

Buildings

Accumulated Depreciation - Building

Land

Patents

Accumulated Amortization

Goodwill

Deferred Tax Assets

Accounts Payable

Salaries Payable

Employee Income Tax Withholding Payable

Federal Unemployment Tax Payable

State Unemployment Tax Payable

F.I.C.A. Tax Payable

Dividends Payable - Common Stock

Dividends Payable - Preferred Stock

Income Tax Payable

Interest Payable

Liability for Compensated Absences

Accrued Loss on Purchase Commitment

Fines and Penalties Liability

Bonds Payable

Discount on Bonds Payable

Premium on Bonds Payable

Finance Lease Obligation

Deferred Tax Liabilities

Common Stock

Additional Paid in Capital - Common Stock

Preferred Stock

Additional Paid in Capital - Preferred Stock

Retained Earnings

Treasury Stock

Unrealized Gain/Loss: Available-for-Sale Securities

Dividends Declared

Income Summary

Sales and Service Revenue

Interest Revenue

Rental Revenue

Unrealized Gain/Loss: Equity Securities

Realized Gain/Loss: Available-for-Sale Securities

Cost of Goods Sold

Depreciation Expense - Building

Depreciation Expense - Equip. Leased to Others

Depreciation Expense - Leased Equipment

Depreciation Expense - Machinery

Amortization Expense

Bad Debt Expense

Income Tax Expense

Insurance Expense

Interest Expense

Payroll Tax Expense

Rent Expense

Research & Development Expense

Salaries Expense

Loss Due to Fines and Penalties

Loss on Impairment

Loss on Purchase Commitment