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Question 13 t yer wered xed out of 9 en Goodwill Millennium Corporation purchases Falcon Inc. for $3.5 M. Falcon has the following assets
Question 13 t yer wered xed out of 9 en Goodwill Millennium Corporation purchases Falcon Inc. for $3.5 M. Falcon has the following assets all recorded at cost: Accounts receivable Inventory Land Building (net) Equipment (net) Total Assets $ 125,000 350,000 500,000 350,000 50,000 $1,375,0000 The fair value of the assets is $2,350,000 and Millennium also assumes $600,000 of debt from Falcon. Requirements: Determine if there is any goodwill related to Millennium's purchase of Falcon and if so what is the value of the goodwill? Show you below. $ Goodwill is captured on the
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