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Marino Company had the following balance sheet on January 1, 2019: Goodwill Instructions Chart of Accounts Goodwill General Journal Instructions Marino Company had the following
Marino Company had the following balance sheet on January 1, 2019:
Goodwill Instructions Chart of Accounts Goodwill General Journal Instructions Marino Company had the following balance sheet on January 1, 2019: 1 Cash $20.000.00 Marino Company Balance Sheet January 1, 2019 $20,000.00 Accounts payable 30,000.00 Notes payable 200,000.00 20.000.00 Shareholders' equity $270,000.00 2 Inventory 100.000,00 3 Property, plant, and equipment + Patent 150,000.00 $270,000.00 5 Instructions Chart of Accounts Goodwill General Journal Instructions 1 Cash 2 Inventory $20.000.00 100,000.00 3 Property plant and equipment $20.000.00 Accounts payable 50,000.00 Notes payable 200.000.00 20,000.00 Shareholders' equity $270,000.00 + Patent 150,000.00 5 $270,000.00 On January 1, 2019, Paul Company purchased Marino by acquiring all ts outstanding shares for $300,000 cash. On that date, the fair value of the inventory was 520,000, and the fair value of the equipment was $250.000. In addition, the fair value of a previously unrecorded customer list was $25,000. For all other amounts, the book value of January 1,2019, equaled fair value Required: 1. Compute the goodwill associated with the purchase of Marino 2. Prepare the journal entry necessary on January 1, 2019, to record the acquisition of Marino eBook M8 CNOW Assignment Goodwill Instructions Chart of Accounts Goodwill General Journal Goodwill x 1. Compute the goodwill associated with the purchase of Marino Goodwill Instructions Chart of Accounts Goodwill General Journal General Journal 2. Prepare the journal entry to record the acquisition of Manino by Paul Company on January 1. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REK DEBIT CREDIT 1 . 3 + 6 7 Goodwill Instructions Chart of Accounts Goodwill General Journal General Journal WOLSELESS PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 4 5 6 7 $Step by Step Solution
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