On January 1, 20X7, Proft Company purchased Strobe Companys net assets and assigned them to four separate
Question:
On January 1, 20X7, Proft Company purchased Strobe Company’s net assets and assigned them to four separate reporting units. Total goodwill of $176,000 is assigned to the reporting units as indicated:
Required
Determine the amount of goodwill that Proft should report at December 31, 20X7. Show how you computed it.
Transcribed Image Text:
Carrying value of reporting unit at 12/31/20X7 Goodwill included in carrying value Fair value of net identifiable assets at 12/31/20X7 Fair value of reporting unit at 12/31/20X7 A $700,000 60,000 600,000 690,000 Reporting Unit с $380,000 28,000 400,000 360,000 B $330,000 48,000 300,000 335,000 D $520,000 40,000 500,000 585,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
Goodwill of 146000 50000 48000 8000 40000 should be reported computed as fo...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Advanced Financial Accounting
ISBN: 9781260772135
13th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
Question Posted:
Students also viewed these Business questions
-
Groft Company purchased Strobe Companys net assets and assigned them to four separate reporting units. Total goodwill of $186,000 is assigned to the reporting units as indicated: Required Determine...
-
Peters Company purchased Stevens Company's net assets and assigned them to three separate reporting units. The data associated with each reporting unit is listed below. Reporting Unit A B C Carrying...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Find r(t) and v(t) given a(t) and the initial velocity and position. a(t) = (t, 4), v(0) = (3,-2), r(0) = (0,0)
-
Patterson Awning manufactures awnings and uses a standard cost system. The company allocates overhead based on the number of direct labor hours. The following are the companys cost and standards...
-
Calculate the theoretical fundamental frequency of the beam (P = 7800 kgm, E = 200GPa, h = 3mm, L=1.2m) where the detuner is going to be attached. The area moment of inertia for the beam with a...
-
Accountants for Datsun, Inc., have assembled the following data for the year ended December 31, 2007: Requirement Prepare Datsun's statement of cash flows using the indirect method to report...
-
Stockholders Equity Category Peeler Company was incorporated as a new business on January 1, 2010. The corporate charter approved on that date authorized the issuance of 1,000 shares of $100 par, 7%...
-
What role does emotional intelligence play in facilitating effective interpersonal relationships and conflict resolution strategies within cross-functional teams ?
-
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $14,300 of merchandise on credit from Noth Company,...
-
Plasher Company has a reporting unit resulting from an earlier business combination. The reporting units current assets and liabilities are Required Determine the amount of goodwill to be reported...
-
Practical Corporation acquired all of the common stock of Simple Company for $450,000 on January 1, 20X4. On that date, Simples identifiable net assets had a fair value of $390,000. The assets...
-
Zephyr Corporation began operations on January 1, 2014. Recently the corporation has had several unusual accounting problems related to the presentation of its income statement for financial...
-
Many fathers' rights organizations have argued that unless a court can order joint custody even where one parent is opposed, men will never be treated fairly. What do you think of this position?
-
The following facts were established at trial. V.C. and M.J.B., who are lesbians, met in 1992 and began dating on July 4, 1993. On July 9, 1993, M.J.B. went to see a fertility specialist to begin...
-
Ed Danti appeals the divorce decree entered between himself and his exwife, Michelle Danti, particularly challenging the provisions awarding Michelle sole physical custody of their two children and...
-
The parties were married in March of 1985 and two sons were born of the marriage. William Raphael P. III (Billy) was born in May of 1985 and Mark Patrick P. was born in July of 1986. The record...
-
Despite all the legislative changes discussed in this chapter, serious concerns still exist regarding the inadequacy of support payments and noncompliance with support orders. Why do you think child...
-
Consider the MitofskyWaksberg method, discussed in Example 6.12. Show that the probability that psu i is selected as the first psu in the sample is See Exercise 15 and argue that the MitofskyWaksberg...
-
Why did management adopt the new plan even though it provides a smaller expected number of exposures than the original plan recommended by the original linear programming model?
-
Items 1 through 6 represent various transactions pertaining to Crest Haven, a voluntary health and welfare organization, for the year ended December 31, 20X2. The information presented includes a...
-
Determine whether each of the following is true or false. Assume that each organization is a private, not-for-profit entity. It is possible that an item need not be reported on the hospitals...
-
The following information pertains to United Ways, a private voluntary health and welfare organization, for the year ended December 31, 20X3. Balances in net assets at January 1, 20X3: Unrestricted...
-
Discuss the role of the Memory Management Unit (MMU) in virtual memory systems. How does it facilitate address translation, and what are the security implications of this process ?
-
A number of tools are available to measure your system's performance. Explore the following tools and use them to gather data on your current system's performance. (you must choose at least 2)...
-
Compare and contrast different page replacement policies, such as Least Recently Used (LRU), First-In-First-Out (FIFO), and Clock/Second Chance. How do these policies impact system performance in...
Study smarter with the SolutionInn App