On January 1,2017,Apex Solutions paid $200,000 to acquire Fancy Phones Company,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 Company,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 Fancy Phones