On May 16, 2013, Twin Peaks Corporation found it necessary to recognize an impairment loss of $25,000 of goodwill. The goodwill was originally recorded two years earlier in connection with the purchase of another company. Show how the impairment loss affected the financial statements in 2013.

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The Answer of On May 16, 2013, Twin Peaks Corporation found it necessary to recognize an impairment loss of $25,000 of goodwill. The goodwill was originally recorded two years earlier in connection with the purchase of another company. Show how the impairment loss affected the financial statements in 2013.

On May 16, 2013, Twin Peaks Corporation Found It Necessary