In 2010 music inc purchased popstar music for 3 million at

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In 2010, Music, Inc. purchased Popstar Music for $3 million. At December 31, 2011, the Popstar Music division reported net assets of $3,300,000 (including $1,700,000 of goodwill). Music reviewed the Popstar division and determined that expected net future cash flows equal $2,500,000 and the fair value is estimated to be only $1,800,000. What entry should Music record concerning the Popstar division on December 31, 2011?

Reference no: EM13568539

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