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On May 31, 2021, Crane Company paid $3,955,000 to acquire all of the common stock of Cullumber Corporation, which became a division of Crane Cullumber
On May 31, 2021, Crane Company paid $3,955,000 to acquire all of the common stock of Cullumber Corporation, which became a division of Crane Cullumber reported the following balance sheet at the time of the acquisition: Current assets Noncurrent assets $ 1,017,000 3,051,000 Current liabilities Long-term liabilities Stockholder's equity Total liabilities and stockholder's equity $ 678,000 565,000 2,825,000 Total assets $4,068,000 $4,068,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Cullumber was $3,503,000. At December 31, 2021, Cullumber reports the following balance sheet information: Current assets $ 904,000 Noncurrent assets (including goodwill recognized in purchase) 2,712.000 Current liabilities (791,002 Long-term liabilities (565,000) Net assets $2.260,000 It is determined that the fair value of the Cullumber division is $2,486,000 (a) Your answer has been saved. See score details after the due date Your answer has been saved. See score details after the due date. Compute the amount of goodwill recognized, if any, on May 31, 2021. Amount of goodwill 452000 Attempts: 1 of 1 used (6) Determine the impairment loss, if any, to be recorded on December 31, 2021. Impairment loss $ Save for Later Attempts:0 of 1 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above
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