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The financial statements of International Foods for the year onded Docember 31, 2022, reported the following detals of acquisilicos (adapted): (1) (Click the icon to
The financial statements of International Foods for the year onded Docember 31, 2022, reported the following detals of acquisilicos (adapted): (1) (Click the icon to view the details of acquisitions.) International Foods paid $131,000 cash for the acquisitions. Assume that the book value of the assets is equal to their far value. Required 1. How much goodwill did intemational Foods purchase as part of the 2022 acquisitions? 2. Prepare the summary joumal entry to record the acquistion at December 31, 2022. 3. Assume that, in 2023, the arnual reviow of goodwill at December 31 idontifed a 20 percent impaiment of the goodwill acquired in zoa2. Prepare the joumat entry required to record anis impairment. Requirement 1. How much goodwill did Intemational Feods purchase as part of the 2022 acquisitions? Details of Acquisitions How much goodwill did internasional Foods purchase as part of the 2022 acquaitions
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