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  3. jones company provided the following information:

Jones Company provided the following information: Fair value of the reporting unit, including goodwill $1,400,000 Book value of...

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Advance Math

Jones Company provided the following information:

Fair value of the reporting unit, including goodwill$1,400,000

Book value of reporting unit, excluding goodwill $1,000,000

Add: Carrying value of goodwill 600,000

Carrying value of the reporting unit, including goodwill$1,600,000

The qualitative assessment of goodwill is completed and it ismore likely than not that goodwill is impaired. Describe theprocess for determining if Jones needs to record a goodwillimpairment loss and prepare any required journal entries.

Answer & Explanation Solved by verified expert
4.1 Ratings (803 Votes)
we will perform the quantitative test Twostep Impairment test Step 1 Recoverability test To judge whether to impair or not Compare Carrying value of the reporting unit including goodwill    See Answer
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