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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Democracy

A form of government where power is held by the people, either directly or through elected representatives.

Protestantism

A branch of Christianity that originated with the Reformation, characterized by emphasis on the authority of the Bible and salvation through faith.

Literacy Skills

The abilities related to reading and writing, enabling a person to comprehend, decode, and communicate through written language.

Religious Orders

Communities bound by vows, especially within the Christian tradition, with a commitment to live a life of prayer, obedience, and service.