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?

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Answer rating: 100% (QA)

The Accounting Standards Codification ASC 70 entry at December 31 2021 related to the Gold Corp busi... View the full answer