The Following Information Pertains to Questions

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.