Write down goodwill Goodwill was a result of a combination of activities in 2019. After an analysis, the following information relating to goodwill was determined: Goodwill - $675000 Value in use $603,000 Fair value less cost to sell $580,000 There is no Excel tab for goodwill – you can add a tab to show your calculations. Find if there is any impairment or not. Intangible Assets During 2020, a trademark and a patent were purchased. The intangible assets are amortized on a straight-line method. To test for impairment, the following items were determined regarding the trademark: Value in use $110,000 FV less costs to sell $115,500 In the Excel spreadsheet, see the tab “Intangible Assets” to perform any necessary calculations (I have attached the picture of the excel sheet) Analyze and review the following items and determine the appropriate journal entry. Record the journal entry
Write down
Goodwill was a result of a combination of activities in 2019. After an analysis, the following information relating to goodwill was determined:
Goodwill - $675000
Value in use $603,000
Fair value less cost to sell $580,000
There is no Excel tab for goodwill – you can add a tab to show your calculations. Find if there is any impairment or not.
Intangible Assets
During 2020, a trademark and a patent were purchased. The intangible assets are amortized on a straight-line method.
To test for impairment, the following items were determined regarding the trademark:
Value in use $110,000
FV less costs to sell $115,500
In the Excel spreadsheet, see the tab “Intangible Assets” to perform any necessary calculations (I have attached the picture of the excel sheet)
Analyze and review the following items and determine the appropriate
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