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Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $417,750. The Johnson Divisions net assets, including the goodwill, have

Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $417,750. The Johnson Divisions net assets, including the goodwill, have a carrying amount of $791,970. The fair value of the division is estimated to be $1,159,000. Prepare Waters journal entry to record impairment of the goodwill.

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