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Brief Exercise 12-7 Cheyenne Corporation purchased Johnson Company 3 years ago and at that time...

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Accounting

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Brief Exercise 12-7 Cheyenne Corporation purchased Johnson Company 3 years ago and at that time recorded goodw be $840,000 of $320,000. The Johnson Division's net assets, including the goodwill have a carrying amount of $640,000. The fair value of the division is esimated to Prepare Cheyenne journal entry 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 0 for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

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