CALCULATOR FULL SOREIN PRINTER VERSION ·BACK Brief Exercise 12-7 Blue Spruce Cor

Question

CALCULATOR FULL SOREIN PRINTER VERSION ·BACK Brief Exercise 12-7 Blue Spruce Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $430,000. The Johnson Division's net assets, indluding the goodwill, ave a carrying amount of $860,000. The fair value of the division is estimated to be $1,110,000. Prepare Blue Spruce journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 2 used SAVE FOR LATER SUBHIT ANSWER

Explanation / Answer

" No Entry".

Goodwill is not considered as impaired because the fair value of the division is higher than the carrying amount of Assets

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