Current Attempt in Progress Your answer is incorrect. Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $400,000. The Johnson Division's net assets, including the goodwill, have a carrying amount of $800,000. The fair value of the division is estimated to be $750,000. Prepare Waters' journal entry, if necessary, 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 O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
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- Leon Corp. purchased Spinks Co. 4 years ago and at that time recorded goodwill of €300,000. The Sinks Division's net assets, including goodwill, have a carrying amount of €720,000. The recoverable amount of the division is estimated to be €650,000. Prepare an entry to record the impairment of the goodwill. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Konopelski Corporation purchased McKenzie Company 3 years ago and at that time recorded goodwill of $755,000. The Division's net assets, including the goodwill, have a carrying amount of $1,754,000. The fair value of the division is estimated to be $1,001,000. PART A Account No Journal Entry Required PART B What is the carrying amount of goodwill after your assessment in Part A? $ Debit CreditOriole Corporation purchased Pharoah Company 3 years ago and at that time recorded goodwill of $777,600. The Division's net identifiable assets, including the goodwill, have a carrying amount of $1,296,000. The fair value of the division is estimated to be $1,188,000. Prepare Oriole's journal entry, if necessary, to record the impairment of the 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 0 for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
- Shamrock Inc. owns equipment that cost $470,000 and has accumulated depreciation of $122,000. The expected future net cash flows from the use of the asset are expected to be $311,000. The fair value of the equipment is $269,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit* Your answer is incorrect. Bramble Company owns equipment that cost $1,026,000 and has accumulated depreciation of $433,200. The expected future net cash flows from the use of the asset are expected to be $620,000. The fair value of the equipment is $456,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Accumulated Depreciation - Equipment Loss on Impairment eTextbook and Media List of Accounts Debit 592800 0 Credit 0 592800Swifty Company owns equipment that cost $927,000 and has accumulated depreciation of $391,400. The expected future net cash flows from the use of the asset are expected to be $565,000. The fair value of the equipment is $412,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Loss on Impairment Accumulated Depreciation - Equipment Debit 123600 Credit 123600
- Tamarisk Inc. owns equipment that cost $ 638,000 and has accumulated depreciation of $ 165,000. The expected future net cash flows from the use of the asset are expected to be $ 422,000. The fair value of the equipment is $ 365,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditWaters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $400,000. The Johnson Division's net assets, including the goodwill, have a carrying amount of $800,000. The fair value of the division is estimated to be $1,000,000. Prepare Waters' journal entry, if necessary, to record impairment of the goodwill.Windsor Company owns equipment that cost $972,000 and has accumulated depreciation of $410,400. The expected future net cash flows from the use of the asset are expected to be $540,000. The fair value of the equipment is $432,000.Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
- Sheffield Corporation purchased Sage Hill Company 3 years ago and at that time recorded goodwill of $460,000. The Sage Hill Division’s net assets, including the goodwill, have a carrying amount of $840,000. The fair value of the division is estimated to be $792,000.Prepare Sheffields' journal entry, if necessary, to record impairment of the goodwill.Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $400,000. The Johnson Division's net assets, including the goodwill, have a carrying amount of $800,000. The recoverable amount of the division is estimated to be $1,000,000. Prepare Waters' journal entry, if necessary, to record impairment of the goodwill.Cheyenne Corporation purchased Sage Hill Company 3 years ago and at that time recorded goodwill of $320,000. The Sage Hill Division’s net assets, including the goodwill, have a carrying amount of $640,000. The fair value of the division is estimated to be $840,000.Prepare Cheyennes' journal entry, if necessary, to record impairment of the goodwill.