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Compute the amount of goodwill acquired by Z

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Question - On January 1, 2020, Z Corporation acquired C Company for $450,000 cash. At the time of purchase. The fair value of C's net assets are estimated to be $350,000.

On December 31, the following information is available about Company C: The fair value of C is estimated to be $360,000. The carrying value of C's net identifiable assets, including the goodwill, at year-end is $375,000. Prepare Vinson's journal entry, if necessary, to record impairment of goodwill.

Instructions -

(a) Compute the amount of goodwill acquired by Z.

(b) Prepare Z's journal entry, if necessary, to record impairment of goodwill. You must explain why a journal entry is needed. If a journal entry is not needed explain your decision.

Reference no: EM132567076

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