Goodwill arising from business combination is Charged to retained earnings after the acquisition is completed Amortized over 40 years or its useful life, whichever is longer Amortized over 40 years or its useful life, whichever is shorter Never amortized
Goodwill arising from business combination is Charged to retained earnings after the acquisition is completed Amortized over 40 years or its useful life, whichever is longer Amortized over 40 years or its useful life, whichever is shorter Never amortized
Goodwill arising from business combination is Charged to retained earnings after the acquisition is completed Amortized over 40 years or its useful life, whichever is longer Amortized over 40 years or its useful life, whichever is shorter Never amortized
Charged to retained earnings after the acquisition is completed
Amortized over 40 years or its useful life, whichever is longer
Amortized over 40 years or its useful life, whichever is shorter
Never amortized
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).
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
