Chili's, acquired Thallicious for $32,170,000. The fair value of all Thailicioustangible and intangible assets was $30.000.000 Brinker will amortize any goodwill over the maximum number of years allowedWhat is the annual amortization of goodwill for this acquisition?
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Brinker International Inc.the parent of Chili's, acquired Thallicious for $32,170,000. The fair value of all Thailicioustangible and intangible assets was $30.000.000 Brinker will amortize any
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- The following intangible assets were purchased by Goldstein Corporation: A. A patent with a remaining legal life of twelve years is bought, and Goldstein expects to be able to use it for seven years. B. A copyright with a remaining life of thirty years is purchased, and Goldstein expects to be able to use it for ten years. For each of these situations, determine the useful life over which Goldstein will amortize the intangible assets.Short Corporation acquired Hathaway, Inc., for $32,620,000. The fair value of all Hathaway's identifiable tangible and intangible assets was $31,800,000. Short will amortize any goodwill over the maximum number of years allowed. What is the annual amortization of goodwill for this acquisition?Tesla acquired Amazon, for $33,520,000. The fair value of all Amazon's identifiable tangible and intangible assets was $30,000,000. Short will amortize any goodwill over the maximum number of years allowed. What is the annual amortization of goodwill for this acquisition? Multiple Choice O O $880,000 $1,760,000 $O $3,520,000 < Prev 6 of 25 Save & Ex Next
- On September 1, 2020, Blue Corporation acquired Larkspur Enterprises for a cash payment of $790,000. At the time of purchase, Larkspur's balance sheet showed assets of $630,000, liabilities of $250,000, and owners' equity of $380,000. The fair value of Larkspur's assets is estimated to be $820,000. Compute the amount of goodwill acquired by Blue. Value assigned to goodwill 80000On September 1, 2020, Flint Corporation acquired Tamarisk Enterprises for a cash payment of $710,000. At the time of purchase, Tamarisk's balance sheet showed assets of $560,000, liabilities of $240,000, and owners' equity of $320,00O. The fair value of Tamarisk's assets is estimated to be $790,000. Compute the amount of goodwill acquired by Flint. Value assigned to goodwill $ProForm acquired 70 percent of ClipRite on June 30, 2023, for $910,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $400,000 was recognized and is being amortized at the rate of $10,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $390,000 at the acquisition date. The 2024 financial statements are as follows: Items Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Cash and receivables Inventory Investment in ClipRite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/24 Totals Note: Parentheses indicate a credit balance. ProForm $ (800,000) 535,000 100,000 (35,000) $ (200,000) $ (1,300,000) (200,000) 100,000 $ (1,400,000) $ 400,000 290,000 910,000 1,000,000 (300,000) $ 2,300,000 Sales Cost of goods sold Operating expenses Dividend…
- GGGAlpeshProForm acquired 60 percent of ClipRite on June 30, 2023, for $600,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $440,000 was recognized and is being amortized at the rate of $11,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $400,000 at the acquisition date. The 2024 financial statements are as follows: Items Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Cash and receivables Inventory Investment in clipRite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/24 Totals Note: Parentheses indicate a credit balance. ProForm $ (810,000) 540,000 110,000 (36,000) $ (196,000) $ (1,000,000) (196,000) 110,000 $ (1,086,000) $ 410,000 300,000 600,000 1,100,000 (500,000) $ 1,910,000 $ (624,000) (200,000) (1,086,000) $ (1,910,000)…
- ProForm acquired 60 percent of ClipRite on June 30, 2023, for $780,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $560,000 was recognized and is being amortized at the rate of $14,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $520,000 at the acquisition date. The 2024 financial statements are as follows: Items Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 cash and receivables Inventory Investment in ClipRite Fixed assets A32 Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/24 Totals Proform $ (840,000) 555,000 140,000 (54,000) $ (199,000) Sales Cost of goods sold Operating expenses Dividend income Net income attributable to noncontrolling interest Inventory Noncontrolling Interest in subsidiary, 12/31/24 $ (1,300,000) (199,000) 140,000…ProForm acquired 60 percent of ClipRite on June 30, 2023, for $600,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded Intangible of $400,000 was recognized and is being amortized at the rate of $11,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $400,000 at the acquisition date. The 2024 financial statements are as follows: Items Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/24 Net income Dividends declared Retained earnings, 12/31/24 Cash and receivables Inventory Investment in clipRite Fixed assets Accumulated depreciation Totals Liabilities Common stock Retained earnings, 12/31/24 Totals ProForm $ (810,000) 540,000 110,000 (36,000) $ (196,000) $ (1,000,000) (196,000) 110,000 $ (1,086,000) $ 410,000 300,000 600,000 1,100,000 (500,000) $ 1,910,000 $ (624,000) (200,000) (1,086,000) $ (1,910,000) ClipRite $ (620,000) 405,000 105,000 $ (110,000) $…On September 1, 2019, Winans Corporation acquired Aumont Enterprises for a cash payment of £800,000. At the time of purchase, Aumont’s statement of financial position showed assets of £600,000, liabilities of £200,000, and equity of £400,000. The fair value of Aumont’s assets is estimated to be £800,000. Compute the amount of goodwill acquired by Winans.