ACCT 3511 (Morning Sections) Homework: Chapter 12 Homework Score: 0 of 2 pts E12-5 (similar to) 10 of 10 ( complete) Shaquille Company pays $1,595,000 to acquire 100% of the common stock of Smythe Incorporated. It assumes that Smythe's plant assets (such as the factory building and land) are undervalued by $41,000. The historical cost of the net assets acquired, excluding goodwill, is equal to $1,502,500. Smythe will be held as a division of Shaquille. The following information is availab (Cick the icon to view the balar Shaquille estimated the fair (appra. acquisition at $1,608,000. Read the requirements Requirement a. Compute goodwill recorded on the date of acquisition Account Amount Goodwill Save 10 of 10 (7 complete) HW Score: 52.33%, 6.28 of 12 pts I assumes that cal cost of the net ille. Question Help The following information is available 1 year after the acquisition of the subsidiary company (ie, the reporting unit): (Cick the icon to view the balance sheet.) Shaquille estimated the fair (appraisal) value of the division's net assets (excluding goodwill) 1 year after the date of acquisition at $1,608,000. Read the requirements. net the will be held as a division of Shaquille. quisiti (Cick the icon to view the balance sheet.) SI Data Table mated the fair (appraisal) value of the division's ady room. $1,608,000. Pond the recente ition. Data Table Description Debit Credit Cash 210,000 301,000 Inventory Property, plant, and equipment, net Goodwill 1,460,700 51,500 Current liabilities $ 400,900 Common stock - no par 340,300 1,282,000 Retained earnings $ 2,023,200 $ 2,023,200 Totals Print Done