Use the information provided in BE12.8. Assume that the recoverable amount of the division

QUESTION:

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Use the information provided in BE12.8. Assume that the recoverable amount of the division is estimated to be HK$750,000. Prepare Waters’ journal entry, if necessary, to record an impairment of the goodwill.

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Waters Ltd. purchased Jang Group 3 years ago and at that time recorded goodwill of HK$400,000. The Jang Division’s net assets, including the goodwill, have a carrying amount of HK$800,000. The fair value of the division is estimated to be HK$1,000,000. Prepare Waters’ journal entry, if necessary, to record an impairment of the goodwill?

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