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An asset is classified as goodwill on the balance sheet when a company purchases an asset at greater than fair-market value

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An asset is classified as goodwill on the balance sheet when a company purchases an asset at greater than fair-market value. According to GAAP, you can adjust goodwill when____________.

SELECT ONLY ONE:

• an asset is sold;
• stock prices go down:
• a new asset is purchased:
• stock prices go up:
• goodwill is impaired.