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Parent Corporation purchased another company that will operate as a separate division, 3 years ago. At that time management recorded goodwill of $720,000. The Division's net assets, including the goodwill, have a carrying amount of $1,200,000. The fair value of the division is estimated to be $1,100,000 and implied goodwill is $630,000. Prepare an analysis of goodwill impairment. In order to earn partial credit, show your analysis in detail. In the attached T-account template, prepare Parent Corporation’s journal entry, if necessary, to record impairment of the goodwill.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91968797

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