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zimovet [89]
3 years ago
9

Brief Exercise 12-8 have a carrying Ayayai Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill

of $300,000. The Johnson Division's net assets, including the good amount of $650,000. The fair value of the division is estimated to be $620,000 and the implied goodwill is $270,000 Prepare Ayayai journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
Business
1 answer:
blsea [12.9K]3 years ago
4 0

Answer:

Explanation:

Since the fair value of the division is less than the carrying value of the division so the loss on impairment is recorded

The journal entry to record the impairment of the goodwill is shown below:

Loss on impairment A/c Dr $30,000

                       To Goodwill A/c $30,000

(Being loss on impairment is recorded)

The computation is shown below:

= Carrying value - fair value  

= $300,000 - $270,000

= $30,000

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The following information relates to a product produced by Marigold Company: Direct materials $20 Direct labor 10 Variable overh
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The incremental cost per unit associated with the special order is $60.

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Direct materials                                               20

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3 years ago
What was the result on appeal in the Case Opener involving the claim that Michael Jordan owed $5 million based on his agreement
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<em>Adjustments to reconcile net income to      </em>

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<em>(Increase) Decrease in Current Assets:      </em>

Accounts Receivables    (10,700)

<em>Increase (Decrease) in Current Liabilities:     </em>

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NET CASH USED IN INVESTING ACTIVITIES  (9,000)

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NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 16,020

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