Question: Rossie Equipment Manufacturing Co acquired the assets of Alba Inc

Rossie Equipment Manufacturing Co. acquired the assets of Alba Inc., a competitor, in 2016. It recorded goodwill of $70,000 at acquisition. Because of defective machinery Alba had produced prior to the acquisition, it has been determined that all of the acquired goodwill has been permanently impaired.
Required
Prepare the journal entry to record the permanent impairment of the goodwill.

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  • CreatedApril 20, 2015
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