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Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of...

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Accounting

Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $403,330. The Johnson Divisions net assets, including the goodwill, have a carrying amount of $811,440. The fair value of the division is estimated to be $725,000 and the implied goodwill is $316,890. Prepare Waters journal entry to record impairment of the goodwill.

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