Blossom Industries purchased Crane, Inc. on June 30, 2014 and recorded goodwill of $49,600 on this purchase. The useful life of the goodwill is estimated to be 20 years. How much is goodwill amortization expense for 2014? Goodwill amortization expense for 2014

Blossom Industries purchased Crane, Inc. on June 30, 2014 and recorded goodwill of $49,600 on this purchase. The useful life of the goodwill is estimated to be 20 years. How much is goodwill amortization expense for 2014? Goodwill amortization expense for 2014

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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Question

Goodwill amortization expense for 2014

Definition Definition Intangible asset that includes proprietary or intellectual property and brand value of a firm. Goodwill is recorded in the books when a firm purchases another firm and the purchase price is more than the fair value of net identifiable assets of the acquired business. The amount of goodwill is recorded on the asset side of the balance sheet (statement of financial position).

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