Jenks corporation acquired linebrink products on january 1

Reference no: EM13601838

Jenks Corporation acquired Linebrink Products on January 1, 2010 for $4,000,000, and recorded goodwill of $750,000 as a result of that purchase. At December 31, 2010, Linebrink Products had a fair value of $3,400,000. The net identifiable assets of the Linebrink (excluding goodwill) had a fair value of $2,900,000 at that time. What amount of loss on impairment of goodwill should Jenks record in 2010?

Reference no: EM13601838

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