General Products Company bought Special Products Division in 2014 and appropriately recorded $759,000 of goodwill...
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Accounting
General Products Company bought Special Products Division in 2014 and appropriately recorded $759,000 of goodwill related to the purchase. On December 31, 2015, the fair value of Special Products Division is $6,500,000 and it is carried on General Product's books for a total of $5,600,000, including the goodwill. An analysis of Special Products Division's assets indicates that goodwill of $629 000 exists on December 31, 2015. What goodwill impairment should be recognized by General Products in 2015?
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