Visdant Company provided the following information:
The qualitative assessment of goodwill is completed and it is more likely than not that goodwill
is impaired.Describe the process for determining if Visdant needs to record a goodwill impairment loss and prepare any required journal entries.
Definitions:
Estimate
A calculation or judgment made about a quantity or value when exact figures are not available or necessary.
Significant Figure
A digit within a number that contributes to its precision, indicating the accuracy of measurements.
Scientific Notation
A method of expressing numbers as a product of a coefficient and a power of ten, used for very large or small numbers.
Milligrams
A unit of mass in the metric system equal to one thousandth of a gram.
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