Enks corporation acquired linebrink products on january 1, Accounting Basics

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Enks corporation acquired linebrink products on january 1

Problem

Jenks Corporation acquired Linebrink Products on January 1, 2018 for $8,000,000, and recorded goodwill of $1,700,000 as a result of that purchase. At December 31, 2018, Linebrink Products had a fair value of $6,800,000. The net identifiable assets of the Linebrink (excluding goodwill) had a fair value of $5,800,000 at that time. What amount of loss on impairment of goodwill should Jenks record in 2018?

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Accounting Basics: Enks corporation acquired linebrink products on january 1

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