Indicate How Each Event Affects the Elements of Financial Statements

Essay

Indicate how each event affects the elements of financial statements.Use the following letters to record your answer in the box shown below each element.You do not need to enter amounts.Enter only one letter for each element.

-On May 16,2016,Zirkle Corporation found it necessary to recognize an impairment loss of $50,000 of goodwill.The goodwill was originally recorded two years earlier in connection with the acquisition of another company.Show how the impairment loss affected the financial statements in 2016.