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Grapefruit Inc. purchased Tangelo Inc for $1,000,000. Included in the purchase were tangible net assets with a fair value of $550,000 plus a patent valued
Grapefruit Inc. purchased Tangelo Inc for $1,000,000. Included in the purchase were tangible net assets with a fair value of $550,000 plus a patent valued at $100,000 and a copyright valued at $75,000 On year later, Grapefruit estimates the goodwill related to this purchase has a value of 300,000. What, if any, journal entry should Grapefruit record? DR: No entry No entry CR: No entry No entry
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Using QuickBooks Online For Accounting 2022
Authors: Glenn Owen
5th Edition
0357516532, 9780357516539
