Brief Exercise 12-8 Grouper Corporation purchased Johnson Company 3 years ago an

Question

Brief Exercise 12-8 Grouper Corporation purchased Johnson Company 3 years ago and at that time recorded goodil o $330,000. The Johnson Division's net assets, including the goodwill, have a carrying amount of $790,000. The fair value of the division is estimated to be $720,000 and the implied goodwill is $310,000, enter O for the amounts.) Account Titles and Explanation al entry to to record impairm goodwill. (Credit not indent manually. is reau , select Entry" for are automatically indented when amount is en tere account titles and Debit Credit Goodwi Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Loss on impairment 70000 (380000-310000)               Goodwill 70000

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