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Prepare indigos journal entry to record impairment

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Question - Indigo Corporation purchased Teal Mountain Company 3 years ago and at that time recorded goodwill of $390,000. The Teal Mountain Division's net assets, including the goodwill, have a carrying amount of $780,000. The fair value of the division is estimated to be $1,030,000. Prepare Indigos' journal entry, if necessary, to record impairment of the goodwill.

Reference no: EM133177704

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