Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need a very fast answer please fast answer without explanation Remaining Time: 22 minutes, 57 seconds Question Completion Status: - On 1/1/2022 Green Company

image text in transcribed
i need a very fast answer please
fast answer without explanation
Remaining Time: 22 minutes, 57 seconds Question Completion Status: - On 1/1/2022 Green Company purchased Norzalin Company for $450,000 cash. The following is the statement of financial position on the date of purchase: Norzalin Company Statement of Financial Position On 1 January 2022 Land 250,000 Capital 350,000 Copyrights 150,000 Share premium 20,000 Inventories 100,000 Loan 130,000 Total Assets 500,000 Total equity & 500,000 Liabilities Additional Information: - Land is undervalued by 50,000 - Inventories are overvalued by 20,000 Answer the following questions: 1 - Is there any goodwill in this purchase? Yes/No (Half mark) 2- If yes, how much this goodwill? (One mark) 3 - In the journal entry, goodwill should be in which side? Debit/Credit (Half mark)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

What is planning and why is it so important?

Answered: 1 week ago

Question

2. Avoid controlling language, should, must, have to.

Answered: 1 week ago

Question

13.6 Explain how to set up aflexible benefits program.

Answered: 1 week ago

Question

13.2 Describe five government-mandated benefits.

Answered: 1 week ago