Oriole Corporation purchased Pharoah Company 3 years ago and at that time recorded goodwill of $712,800....
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Oriole Corporation purchased Pharoah Company 3 years ago and at that time recorded goodwill of $712,800. The Division's net identifiable assets, including the goodwill, have a carrying amount of $1,188,000. The fair value of the division is estimated to be $1,089,000. Prepare Oriole's journal entry, if necessary, to record impairment of the goodwill. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Oriole Corporation purchased Pharoah Company 3 years ago and at that time recorded goodwill of $712,800. The Division's net identifiable assets, including the goodwill, have a carrying amount of $1,188,000. The fair value of the division is estimated to be $1,089,000. Prepare Oriole's journal entry, if necessary, to record impairment of the goodwill. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
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