Question
QUESTION 1 Assume that an asset with a cost of $31,000 ($1,000 residual value) and 70% depreciated was sold for $15,000, calculate the gain or
QUESTION 1
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Assume that an asset with a cost of $31,000 ($1,000 residual value) and 70% depreciated was sold for $15,000, calculate the gain or (loss) on sale
QUESTION 2
XYZ purchased a smaller company by paying $1,000,000. At the time of the purchased, the following information was made available to you:
Cost Fair
Market Value
900,000
Net identifiable assets $970,000
Calculate the value of goodwill, if any.
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
