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Prepare sarasota journal entry to record impairment

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Question - Sarasota Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $410,000. The Johnson Division's net assets, including the goodwill, have a carrying amount of $830,000. The fair value of the division is estimated to be $788,000 and the implied goodwill is $368,000.

Prepare Sarasota journal entry to record impairment of the goodwill.

Reference no: EM132190337

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