Local Craft Designs, Inc. reported goodwill at $ 600,000 related to its Central Avenue Division. The fair

Question:

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. Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...