Question
On March 31, 2024, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $18,600,000 in cash. The book values and fair
On March 31, 2024, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $18,600,000 in cash. The book values and fair values of Barneys assets and liabilities were as follows:
| Book Value | Fair Value | |
|---|---|---|
| Current assets | $ 7,600,000 | $ 9,100,000 |
| Property, plant, and equipment | 12,600,000 | 15,600,000 |
| Other assets | 1,160,000 | 1,660,000 |
| Current liabilities | 5,600,000 | 5,600,000 |
| Long-term liabilities | 7,600,000 | 7,100,000 |
Required:
Calculate the amount paid for goodwill
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Financial Accounting For Executives And MBAs
Authors: Ferris & Wallace
2nd Edition
1934319627, 978-1934319628
