The Following Information Pertains to Questions

question 47

Essay

The following information pertains to Questions
Telecom Inc has decided to purchase the shares of Intron Inc.for $300,000 in Cash on July 1,2009.On the date,the balance sheets of each of these companies were as follows: On that date,the fair values of Intron's Assets and Liabilities were as follows:
-Assume that two days after the acquisition,the Goodwill was put to an impairment test,after which it was decided that its true value should have been $70,000.
Required:
Prepare the necessary journal entry to write-down the goodwill as well as another Consolidated Balance Sheet to reflect the new Goodwill amount.

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Definitions:

Suicide Notes

Written messages left by individuals before attempting or committing suicide, often expressing reasons for their decision.

In-Group/Out-Group Bias

The tendency to favor members of one's own group over those in other groups, leading to preferential treatment and judgment.

Anger

An emotional state that may range from minor irritation to strong rage, often triggered by perceived wrongs or injustices.

Fundamental Attribution Error

A cognitive bias that involves overattributing others' behaviors to their personal characteristics while underestimating situational factors.