On January 1, 2017, Apex Solutions paid $200,000 to acquire Fancy Phones, Inc., an electronic gadget-advertising website. At the time of the acquisition, Fancy Phones' balance sheet reported total assets of $200,000 and liabilities of $100,000. The fair market value of Fancy Phones' assets was $200,000. The fair market value of its liabilities was $100,000. At the end of 2020, goodwill was measured, and its fair value was determined to be $60,000. Record the impairment of goodwill. Omit explanation.

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The Answer of On January 1, 2017, Apex Solutions paid $200,000 to acquire Fancy Phones, Inc., an electronic gadget-advertising website. At the time of the acquisition, Fancy Phones' balance sheet reported total assets of $200,000 and liabilities of $100,000. The fair market value of Fancy Phones' assets was $200,000. The fair market value of its liabilities was $100,000. At the end of 2020, goodwill was measured, and its fair value was determined to be $60,000. Record the impairment of goodwill. Omit explanation.

On January 1, 2017, Apex Solutions Paid $200,000 to Acquire