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Prepare Waters journal entry

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Q1. Waters Corporation purchased Jang Company 3 years ago and at that time recorded goodwill of HK$400,000. The Jang Division's net assets, including the goodwill, have a carrying amount of HK$800,000. The fair value of the division is estimated to be HK$1,000,000. Prepare Waters' journal entry, if necessary, to record impairment of the goodwill.

Q2. Use the information provided in question 1. Assume that the recoverable amount of the division is estimated to be HK$750,000. Prepare Waters' journal entry, if necessary, to record impairment of the goodwill.

Reference no: EM133091371

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