During 2021, Lisa Limited estimated that the carrying amount of goodwill was impaired by $30 000. In
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Question:
During 2021, Lisa Limited estimated that the carrying amount of goodwill was impaired by $30 000. In 2022, the company reassessed goodwill and determined that the goodwill initially acquired still existed. The appropriate accounting treatment in 2022 is:
a. Reverse the previous goodwill impairment loss
b. Recognize the revalued amount of goodwill by an adjustment against the asset revaluation surplus account
c. Increase goodwill by an adjustment to retained earnings
d. Ignore the reversal as it is prohibited by AASB136 Impairment of Assets
e. None of the above
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