2. Jingwen Company paid $1,000,000 in cash at the beginning of X2 to acquire all the outstanding ordinary shares of Jinghua Company. The contract is dissolved. The carrying amounts of various assets and liabilities of Jinghua Company on that day are as follows: Cash $50,000 Equipment $750,000 Inventory 400,000 Liabilities 375,000 Except for inventories and equipment whose fair values are $300,000 and $900,000 respectively, the fair values of other assets and liabilities are the same as their carrying amounts. amount equal. What is the goodwill generated by Jingwen Company's acquisition of Jinghua Company?

2. Jingwen Company paid $1,000,000 in cash at the beginning of X2 to acquire all the outstanding ordinary shares of Jinghua Company. The contract is dissolved. The carrying amounts of various assets and liabilities of Jinghua Company on that day are as follows: Cash $50,000 Equipment $750,000 Inventory 400,000 Liabilities 375,000 Except for inventories and equipment whose fair values are $300,000 and $900,000 respectively, the fair values of other assets and liabilities are the same as their carrying amounts. amount equal. What is the goodwill generated by Jingwen Company's acquisition of Jinghua Company?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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