Local Craft Designs, Inc reported goodwill at $ 600,000 related to its Central Avenue Division The fair value of Central Avenue is $ 2,500,000 The carrying value of Central Avenues net assets, excluding goodwill , is reported at $ 2,100,000 and appraised at $ 2,310,000 Determine if goodwill is impaired and prepare any journal entry necessary to record the impairment loss

Question: Local Craft Designs, Inc. reported goodwill at $ 600,000 related to its Central Avenue Division. The fair value of Central Avenue is $ 2,500,000. The

Local Craft Designs, Inc. reported at $ 600,000 related to its Central Avenue Division. The fair value of Central Avenue is $ 2,500,000. The carrying value of Central Avenue’s net assets, excluding , is reported at $ 2,100,000 and appraised at $ 2,310,000. Determine if is impaired and prepare any journal entry necessary to record the impairment loss.

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