On June 1, 2011, Conqueror Company purchased Standard Corp for $26 million cash. At the time of purchase, the market value of Standard's assets was $24,000,000 and Mollie had liabilities of $3,000,000.
At the end of 2012, Conqueror estimated the goodwill on the Standard purchase to be worth only $3,500,000.
Prepare the journal entry to record the change in the value of the goodwill.

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The Answer of On June 1, 2011, Conqueror Company purchased Standard Corp for $26 million cash. At the time of purchase, the market value of Standard's assets was $24,000,000 and Mollie had liabilities of $3,000,000.
At the end of 2012, Conqueror estimated the goodwill on the Standard purchase to be worth only $3,500,000.
Prepare the journal entry to record the change in the value of the goodwill.

On June 1, 2011, Conqueror Company Purchased Standard Corp for $26