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Indicate How Each Event Affects the Elements of Financial Statements  Increase =I Decrease =D No Effect =N\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }

Question 34

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Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts.  Increase =I Decrease =D No Effect =N\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }
In 2014, Harvest Corporation recognized an impairment loss of $20,000 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 2014. Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. \text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N } In 2014, Harvest Corporation recognized an impairment loss of $20,000 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 2014.

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