Cardinal inc. acquired gold corp. on January 1, 2021 for 5 million in cash. Cardinal inc. recorded
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Cardinal inc. acquired gold corp. on January 1, 2021 for 5 million in cash. Cardinal inc. recorded final goodwill for GAAP purpose of 800,000 and for federal income tax purpose of 600,000. At December 31, 2022 (cardinal Inc's annual reporting date), it was determined that 25% of the goodwill recorded in connection with the gold corp. business combination was impaired. The applicable income tax rate for all year was 20%.
What were the ASC 70 entry(s) required at December 31, 2021 related to the Gold Inc. business combination goodwill?
Related Book For
Pearsons Federal Taxation 2023 Comprehensive
ISBN: 9780137840656
36th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse
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