13. Robinson Company purchased Franklin Company at a price of $3,790,000. The fair market value of the net assets purchased equals $2,840,000.

1.What is the amount of goodwill that Robinson records at the purchase date?

2.Does Robinson amortize goodwill at year-end for financial reporting purposes?

3.Robinson believes that its employees provide superior customer service, and through their efforts, Robinson believes it has created $1,500,000 of goodwill. Should Robinson Company record this goodwill?

1. What is the amount of goodwill that Robinson records at the purchase date?

2.Does Robinson amortize goodwill at year-end for financial reporting purposes?

3.Robinson believes that its employees provide superior customer service, and through their efforts, Robinson believes it has created $1,500,000 of goodwill. Should Robinson Company record this goodwill?