Mukhi Don't upload any image please On January 1, 2022, Pronto Company acquired all of Speedy Inc.'s voting stock for $24,000,000. Speedy's net assets were reported at amounts approximating book value, but Pronto determined that Speedy had the following previously unreported intangible assets:• Developed technology, fair value $2,000,000, 5-year life• Favorable leases, fair value $1,000,000, 4-year lifeSpeedy's shareholders' equity on January 1, 2022, was $10,000,000. It is now December 31, 2023 (two years later). Speedy reported net income of $800,000 in 2022. There are no impairments of identifiable intangibles or goodwill in 2022 or 2023. Pronto uses the complete equity method to reinvestment in Speedy on its own books. Speedy's December 31, 2023, trial balance appears below.Dr (Cr)Current assets$20,000,000Property and equipment, net 50,000,000Liabilities(58,000,000)(2,000,000)(8,800,000)(70,000,000)60.000.0008,800,000$0Capital stockRetained earnings, January 1Sales revenueCost of goods soldOperating expensesWhat is the amount of goodwill reported on the consolidated balance sheet at December 31, 2023?Select one:O a. $12,300,000Ob. $12,000,000Oc. $14,000,000Od. $11,000,000

Calculation of Fair Value Allocation and Annual Amortization:Purchase consideration $24,000,000Less:…

Answered: What is the amount of goodwill reported…

What is the amount of goodwill reported on the consolidated balance sheet at December 31, 2023? Select one: O a. $12.300,000 O b. $12,000,000 c. $14.000.000 O d. $11,000,000

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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