Monty Corporation purchased Teal Mountain Company 3 years ago and at that time recorded goodwill of $350,000.
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Monty Corporation purchased Teal Mountain Company 3 years ago and at that time recorded goodwill of $350,000. The Teal Mountain Division’s net assets, including the goodwill, have a carrying amount of $710,000. The fair value of the division is estimated to be $646,000.
Prepare Monty's' journal entry, if necessary, to record impairment of the goodwill.
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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