Baine Company purchased Vera Company at a price of $535,000. The fair value of the net assets purchased equals $434,000. Compute the amount of goodwill that Baine records at the purchase date.
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Baine Company purchased Vera Company at a price of $535,000. The fair value of the net assets purchased equals $434,000. Compute the amount of
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- AlpeshHOW MUCH IS THE GOODWILL ON THE BUSINESS COMBINATION?Northern purchased the entire business of Southern including all its assets and liabilities for $658,000. Below is information related to the two companies: Northern Southern Fair value of assets $1,044,000 $798,000 Fair value of liabilities 585,000 315,000 Reported assets 813,000 634,000 Reported liabilities 483,000 258,000 Net Income for the year 59,000 58,000 How much goodwill did Northern pay for acquiring Southern?
- Garcia Company owns equipment that cost $78,400, with accumulated depreciation of $41,600. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $48,200 cash, (2) $36,800 cash, and (3) $31,700 cash.Jacky Inc. purchased Manzanita Marine on June 1, 2015 for $25,000,000 and recorded goodwill of $3,100,000 in connection with the purchase. At December 31, 2018, the Manzanita Marine Division had a fair value of $25,400,000. The net assets of Manzanita (including goodwill) had a fair value of $24,900,000 at that time. What amount of loss on impairment of goodwill should Jacky record in 2018?Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $72.500. and it has claimed $24,800 of depreciation expense against the building. Required: a. Assuming that Houswirth receives $59,700 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $59,700 compute Houswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Houswirth receives $26.500 in cash in year 0 and a $57,000 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1. Complete this question by entering your answers in the tabs below. Required a Required b Required c Assuming that Hauswirth receives $59,700 in cash for the warehouse, compute the amount…
- 6Blossom Corp. exchanged Building 24, which has an appraised value of $1,896,000, a cost of $2,722,000, and accumulated depreciation of $1,248,000, for Building M which belongs to Splish Ltd. Building M has an appraised value of $1,600,000, a cost of $3,182,000, and accumulated depreciation of $1,782,000. Splish paid Blossom the difference between the appraised values of the two buildings. Assume depreciation has been updated to the date of exchange. Prepare the entries on both companies' books, assuming the buildings are similar assets and there is no commercial substance for either company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles Blossom Corp. Buildings Accumulated Depreciation - Buildings Buildings Cash Debit 1243882 1248000 296000 Credit 2722000Subject - account Please help me. Thankyou.
- Company X purchased Company Y for $4,000,000. The net assets of the company purchased were valued at $3,800,000. What asset will be on Company X's balance sheet for $200,000? Goodwill Amortization Not enough info EquipmentFrodo Corp. bought Aardvark Co. in 2021 and appropriately recorded goodwill related to the purchase. On December 31, 2022, Frodo Corp. reports the following information relating to Aardvark Division: Amount $131,000 $393,000 $658,000 How much loss from goodwill impairment should be recognized by Frodo Corp. in 2022? $265,000 $134.000 Item Goodwill Book value of net assets (including goodwill) Fair value $0 $131,000Fifa Co. acquired the Green Co. on January 1,.1 2019 for £640,000,000, and recorded goodwill of £81,200 as a result of that purchase. At December 31, 2015, Green Co. had a recoverable amount of £568,000,000. The carrying value of the Fifa Company's net assets at December 31, 2019 was £592,000,000 (including goodwill). What amount of loss on impairment of goodwill should Fifa Co. ?record in 2019
