Intermediate Accounting
Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 11, Problem 11.17BE
To determine

The amount of goodwill or gain from bargain purchase and the head to record it in income statement.

Given information

Book value of the assets is $7,000,000.

Amount by which assets were undervalued is $1,000,000.

Acquisition price is $12,000,000.

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