Question

I wanted some help with posting these numbers/amounts to the general journal, general ledger, and the trial balance.

The first transaction is on depreciation. The depreciation for the year is $70,000 and we need to post that amount for the second, third, and fourth quarter. the calculation = 250,000 - 40,000 / 3

A) what will the general journal and general ledger look like if we post the 70,000 for each quarter? do I divide by 4? and how do you post it to the trial balance?

and then impairment on goodwill is the Carrying value - fair value which is = 26,042,139 - 15,000,000. impairment is equal to $11,042,139

B) what will the general journal and general ledger look like if we posted the impairment for each quarter? please be specific. Thank you!

Account	Change for qr ending June 30, 2020	Change for qr ending sept 30, 2020	Change for qr ending Dec 31, 2020	Adjusting entry(if needed)
Goodwill and impairment
depreciation and depreciation expense

Answer 1

Accounts Change for quarter ending June 30,2020 17500 Change for Change for quarter ending quarter ending Sept 30, 2020 Dec 30, 2020 17500 17500 2760534.75 2760534.75 Depreciation Impairment of goodwill 2760534.75

Journal Entry Account title Date Debit ($) Credit ($) 17500 Jun-30 Depreciation To Asset (Being depreciation provided) 17500 2760534.75 Jun-30 Loss on Goodwill impairment To Goodwill (Being goodwill impaired) 2760534.75 17500 Sep-30 Depreciation To Asset (Being depreciation provided) 17500 2760534.75 Sep-30 Loss on Goodwill impairment To Goodwill (Being goodwill impaired) 2760534.75

17500 Dec-31 Depreciation To Asset (Being depreciation provided) 17500 2760534.75 Dec-31 Loss on Goodwill impairment To Goodwill (Being goodwill impaired) 2760534.75

Credit ($) Impact on Trail Balance Account title Debit ($) Depreciation 70000 Goodwill 15000000