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What amount of loss on impairment of goodwill jenks record

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Question 1: Jenks Corporation acquired Linebrink Products on January 1, 2016 for P4,000,000, and recorded goodwill of P750,000 as a result of that purchase. At December 31, 2016, Linebrink Products had a fair value of P3,400,000. The net identifiable assets of the Linebrink (excluding goodwill) had a fair value of P2,900,000 at that time. What amount of loss on impairment of goodwill should Jenks record in 2016?

Select one:

a. P0

b. P350,000

c. P600,000

d. P250,000

Reference no: EM132569879

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