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.
Definitions:
Rote Rehearsal
A memorization technique based on repetition, often without understanding the deeper meaning of the material.
Working Memories
A mental system with restricted capabilities tasked with temporarily maintaining information for processing purposes.
Prefrontal Lobes
Regions at the front of the brain associated with complex behaviors including decision making, social interactions, and personality expression.
Cerebellum
A part of the brain at the back of the skull in vertebrates, which coordinates and regulates muscular activity.
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