FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On December 31, the fair value of Sunnd is estimated to be $691,200. The carrying value of Sunland's net identifiable assets,
including the goodwill, at year-end, is $20,000. Prepare Sheridan's journal entry, if necessary, to record an impairment of
goodwill. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,
select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry)
Account Titles and Explanation
Debit
Credit
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Transcribed Image Text:On December 31, the fair value of Sunnd is estimated to be $691,200. The carrying value of Sunland's net identifiable assets, including the goodwill, at year-end, is $20,000. Prepare Sheridan's journal entry, if necessary, to record an impairment of goodwill. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit
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