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Prepare the entry to amortize the goodwill at end of year

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Question - The net assets of Jamal company at the end of 2019 were 500,000. The company received an offer to purchase the division for $470,000. All the identifiable assets and liabilities' book and fair value amounts are the same.

Required -

1. Prepare the journal entry to record the impairment at the end of 2019 if any.

2. Prepare the entry to amortize the goodwill at the end of the year if the goodwill be amortized for 5 years.

Reference no: EM133043080

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