Taxation Of Individuals And Business Entities, 2010 Edition
1st Edition
ISBN: 9780073526966
Author: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Publisher: McGraw-Hill/Irwin
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General accounting
Pro-tech Software acquired all of the outstanding stock of Reliable Software
for $17 million. The book value of Reliable's net assets (assets minus
liabilities) was $8.6 million. The fair values of Reliable's assets and liabilities
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whose fair values exceeded book values by $2.8 million.
Calculate the amount paid for goodwill.
Please provide the answer to this general accounting question with proper steps.
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