the fair value of Carley is estimated to be $720,000. The carrying value of Carley’s net identifiable assets, including the goodwill, at year-end is $750,000. Prepare Vinson’s journal entry, if necessary, to record impairment of goodwill.

A.$200,000

B.Dr Loss on impairment $30,000

Cr Goodwill $30,000

Explanation:

(a) Computation of the amount of goodwill acquired by Vinson

Purchase price$900,000

Fair value of net assets $700,000

(Fair value of assets $950,000-

Fair value of liabilities $250,000)

Value assigned to goodwill $200,000

($900,000-$700,000)

(b) Preparation of Vinson’s journal entry to record impairment of goodwill.

Based on the information given we were told

the fair value of Carley is the amount of $720,000 while the implied fair value of goodwill is the amount of $170,000 and we were also told that carrying value of Carley’s net assets as well include the goodwill which is the amount of $750,000 which means that their is loss on impairment because the fair value amount is lower than carrying value which means that the journal entry to record impairment of goodwil will be ;

Dr Loss on impairment $30,000

($200,000 − $170,000)

Cr Goodwill $30,000

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explanation:

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