Assume that Flounder is a private entity and tested its goodwill for impairment on December 31, 2024. Management determined that the reporting unit's carrying amount (including goodwill) was $544,000 and that the reporting unit's fair value (including goodwill) was $453,000. Determine if there is any impairment and prepare any necessary entry on December 31, 2024. Flounder applies ASPE. (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 O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, 2024 eTextbook and Media Question Part Score Debit Credit --/2
Assume that Flounder is a private entity and tested its goodwill for impairment on December 31, 2024. Management determined that the reporting unit's carrying amount (including goodwill) was $544,000 and that the reporting unit's fair value (including goodwill) was $453,000. Determine if there is any impairment and prepare any necessary entry on December 31, 2024. Flounder applies ASPE. (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 O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, 2024 eTextbook and Media Question Part Score Debit Credit --/2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer must be in table format or i will give down vote
Transcribed Image Text:Assume that Flounder is a private entity and tested its goodwill for impairment on December 31, 2024. Management determined
that the reporting unit's carrying amount (including goodwill) was $544,000 and that the reporting unit's fair value (including
goodwill) was $453,000. Determine if there is any impairment and prepare any necessary entry on December 31, 2024. Flounder
applies ASPE. (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 O for the amounts. List debit entry before credit entry.)
Date
Account Titles and Explanation
Dec. 31, 2024
eTextbook and Media
Question Part Score
Debit
Credit
--/2
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