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Prepare Marigolds journal entry to record impairment

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Question - Marigold Corporation purchased Splish Brothers Company 3 years ago and at that time recorded goodwill of $480,000. The Splish Brothers Division's net assets, including the goodwill, have a carrying amount of $960,000. The fair value of the division is estimated to be $1,150,000. Prepare Marigolds' journal entry, if necessary, to record impairment of the goodwill.

Reference no: EM132516913

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