Question: Brief Exercise 12-8 Your answer is partially correct. Try again. Pina Colada Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill

Brief Exercise 12-8 Your answer is partially correct. Try again. Pina Colada Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $430,000. The Johnson Division's net assets, including the goodwill have a carrying amount of $70,000. The fair value of the division is estimated to be 5816,000 and the implied goodwill is $376,000. Prepare Pina Colada journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manualh entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit

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