On luly 1, 2017, Vinson Corporation acquired Carlev Company for $900,000 cash. At the time of purchase, Carley's balance sheet showed assets of $775,000 and liabilities of $250,000. The fair value of Carley's assets is estimated to be $950,000 and the fair value of liabilities is estimated to be $250,000. Instructions - Show all work. la) Compute the amount of goodwill acauired bv Vinson. (b) On December 31, the fair value of Carlev is estimated to be $720,000 and the carrying value of Carlev's net assets, including the goodwill, at year-end is $750,000. In addition, it is determined on December 31 that Inventory is understated by $50,000 and Equipment is overstated by $25,000. Prepare Vinson's journal entry, if necessary, to record impairment of goodwill.

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Measuring the change in percentage of an economic variable with respect to change in a different economic variable is known as elasticity. This change in percentage results in a change in price concerning changes in other factors. In simple terms, when one factor brings a change to another factor, it is called elasticity.