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QUESTION 21 5 point Jenks Corporation acquired Linebrink Products on January 1, 2019 for $8,000,000, and recorded goodwill of $1,700,000 as a result of that

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QUESTION 21 5 point Jenks Corporation acquired Linebrink Products on January 1, 2019 for $8,000,000, and recorded goodwill of $1,700,000 as a result of that purchase. At December 31, 2019, the carrying value of Linebrink Products's net identifiable assets (including goodwill) is $7,500,000. An independent valuation firm estimates Linebrink Products to have a fair value of $6,800,000. What amount of goodwill should Jenks report on its 2019 balance sheet (after goodwill impairment has been recorded)? $0 $700,000 $1,200,000 $1,000,000

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