On June 1, 2011, Conqueror Company Purchased Standard Corp for $26

question 79

Essay

On June 1, 2011, Conqueror Company purchased Standard Corp for $26 million cash. At the time of purchase, the market value of Standard's assets was $24,000,000 and Mollie had liabilities of $3,000,000.
At the end of 2012, Conqueror estimated the goodwill on the Standard purchase to be worth only $3,500,000.
Prepare the journal entry to record the change in the value of the goodwill.

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Definitions:

Primary Somatic Sensory Cortex

The region of the cerebral cortex that receives and processes sensory information from the body.

Sensory Receptors

Specialized cells or nerve endings that respond to changes in the environment by converting them into electrical signals for the nervous system.

Muscles

Tissue in the body that contracts to create movement or force.

Position

A specific location or arrangement in space that an object or entity occupies at any given time.