Waters Corporation purchased Jang Group 3 years ago and at that time recorded goodwill of HK($400),000. The
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Waters Corporation purchased Jang Group 3 years ago and at that time recorded goodwill of HK\($400\),000. The Jang Division’s net assets, including the goodwill, have a carrying amount of HK\($800\),000. The fair value of the division is estimated to be HK\($1\),000,000. Prepare Waters’ journal entry, if necessary, to record impairment of the goodwill.
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Related Book For 
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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