{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-07T15:16:17-04:00", "answer_date": "2024-06-07 15:16:17", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2423205", "url": "\/study-help\/questions\/fresh-cut-corporation-purchased-all-the-outstanding-common-stock-of-2423205", "question_creation_date_js": "2024-06-07T15:16:17-04:00", "question_creation_date": "Jun 07, 2024 03:16 PM", "meta_title": "[Solved] Fresh Cut Corporation purchased all the o | SolutionInn", "meta_description": "Answer of - Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $ 1 2 , 0 0 0 , 0 0 0 in cash. T | SolutionInn", "meta_keywords": "fresh,cut,corporation,purchased,outstanding,common,stock,premium,meats,$,1,2", "question_title_h1": "Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $ 1 2 , 0 0 0 , 0 0 0 in", "question_title": "Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats", "question_title_for_js_snippet": "Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $ 1 2 , 0 0 0 , 0 0 0 in cash The book values and fair values of Premium Meats assets and liabilities were as follows Book Value Fair Value Accounts Receivable $ 1 , 8 0 0 , 0 0 0 $ 1 , 6 0 0 , 0 0 0 Equipment 8 , 5 0 0 , 0 0 0 9 , 9 0 0 , 0 0 0 Patents 3 0 0 , 0 0 0 1 , 7 0 0 , 0 0 0 Notes Payable ( 2 , 7 0 0 , 0 0 0 ) ( 2 , 7 0 0 , 0 0 0 ) Net assets $ 7 , 9 0 0 , 0 0 0 $ 1 0 , 5 0 0 , 0 0 0 Required 1 Calculate the amount Fresh Cut should report for goodwill 2 Record Fresh Cut's acquisition of Premium Meats ", "question_description": "
Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $<\/span>1<\/mn>2<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> in cash. The book values and fair values of Premium Meats<\/span><\/mi><\/mrow><\/math> assets and liabilities were as follows:<\/span> <\/div>
<\/div>
<\/span><\/div>
<\/div>
Book Value Fair Value<\/span><\/div>
Accounts Receivable $ <\/span>1<\/mn>,<\/mo>8<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> $ <\/span>1<\/mn>,<\/mo>6<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div>
Equipment <\/span>8<\/mn>,<\/mo>5<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mtext>9<\/mn>,<\/mo>9<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div>
Patents <\/span>3<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mtext>1<\/mn>,<\/mo>7<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div>
Notes Payable <\/span>(<\/mi>2<\/mn>,<\/mo>7<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>)<\/mi><\/mtext>(<\/mi>2<\/mn>,<\/mo>7<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>)<\/mi><\/mrow><\/math> <\/div>
Net assets $ <\/span>7<\/mn>,<\/mo>9<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> $ <\/span>1<\/mn>0<\/mn>,<\/mo>5<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div>
<\/span><\/div>
Required:<\/span><\/div>
<\/div>
1<\/mn>.<\/mo><\/mrow><\/math> Calculate the amount Fresh Cut should report for goodwill.<\/span> <\/div>
<\/div>
2<\/mn>.<\/mo><\/mrow><\/math> Record Fresh Cut's acquisition of Premium Meats.<\/span> <\/div><\/span> <\/div><\/div>", "transcribed_text": "", "related_book": { "title": "Intermediate Accounting", "isbn": "324300980, 978-0324300987", "edition": "10th Edition", "authors": "Loren A Nikolai, D. Bazley and Jefferson P. Jones", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/120.jpg", "uri": "\/textbooks\/intermediate-accounting-10th-edition-120", "see_more_uri": "" }, "free_related_book": { "isbn": "0176414827", "uri": "\/textbooks\/managerial-accounting-2010-2nd-edition-9780073379586", "name": "Exploring Economics", "edition": "1st Canadian Edition" }, "question_posted": "2024-06-07 15:16:17", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/consider-a-system-that-is-used-to-run-a-small", "description": "Consider a system that is used to run a small clothing store. Its main functionality is maintaining inventory of stock, selling items to customers, and producing sales reports for management. 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