Wildhorse Corp. purchased Blossom Co. 4 years ago and at that time recorded goodwill of $633,600....

 

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Wildhorse Corp. purchased Blossom Co. 4 years ago and at that time recorded goodwill of $633,600. The Blossom Division's net identifiable assets, including goodwill, have a carrying amount of $1,522,350. Assuming that the fair value of the division is estimated to be $1,396,500. Prepare the journal entry necessary to record the appropriate transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question Attempts: 0 of 1 used Wildhorse Corp. purchased Blossom Co. 4 years ago and at that time recorded goodwill of $633,600. The Blossom Division's net identifiable assets, including goodwill, have a carrying amount of $1,522,350. Assuming that the fair value of the division is estimated to be $1,396,500. Prepare the journal entry necessary to record the appropriate transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question Attempts: 0 of 1 used

Answer rating: 100% (QA)

Based on the information givenhere we can find Impairment on goodwi... View the full answer