In 2013,Azimuth Company Purchased a Small Business for $500,000 $$\begin{array} { | l | r | r | } \hline \text { Loss on goodwill } & 30,000 & \\\hline \text { Goodwill } & & 30,000 \\\hline\end{array}$$

question 127

Essay

In 2013,Azimuth Company purchased a small business for $500,000.The market value of the business's assets were $850,000,and the market value of the liabilities were $400,000.Azimuth recorded goodwill of $50,000 at time of acquisition.At the end of 2014,they measured the goodwill and found it had a remaining value of only $20,000.Please provide the entry needed at year-end 2014.
$$\begin{array} { | l | r | r | } \hline \text { Loss on goodwill } & 30,000 & \\\hline \text { Goodwill } & & 30,000 \\\hline\end{array}$$

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Definitions:

Total Blood Volume

The total volume of blood circulating within an individual's body, crucial for the delivery of nutrients and removal of waste products.

Cardiac Output

The volume of blood the heart pumps through the circulatory system in one minute.

Four-Chambered Hearts

A heart structure comprising two atria and two ventricles, allowing for efficient separation of oxygenated and deoxygenated blood, found in mammals and birds.

Birds And Mammals

Warm-blooded vertebrates; birds are characterized by feathers and beaks, while mammals are distinguished by fur or hair and mammary glands for milk production.