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Prepare Blue Spruces journal entry

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Question - Blue Spruce Corporation purchased Larkspur Company 3 years ago and at that time recorded goodwill of $420,000. The Larkspur Division's net assets, including the goodwill, have a carrying amount of $840,000. The fair value of the division is estimated to be $1,000,000. Prepare Blue Spruces' journal entry, if necessary, to record impairment of the goodwill.

Reference no: EM132516915

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