Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what is the goodwill value? Arizona Corporation acquired the business Data Systems for $305.000 cash and assumed all abilities at the date of purchase. Data's

what is the goodwill value?
image text in transcribed
image text in transcribed
Arizona Corporation acquired the business Data Systems for $305.000 cash and assumed all abilities at the date of purchase. Data's books showed tangible assets of $310,000. Tabilities of $16.000, and stockholders' equity of $294.000. An appraiser assessed the fair market value of the tangible assets at $295.000 and abilities at $16,000 at the date of acquisition Arizona Corporation's financial condition just prior to the acquisition is shown in the following statements model Balance Sheet Income Statement Assets Tangible Stockholders Statement of Cash Cash Assets - Goodwill Liabilities Equity Revenue Expenses Net Income Flow 510,000 . NA NA NA 530,000 NA NA NA NA Required a. Compute the amount of goodwill acquired b. Record the acquisition in a financial statements model. Aelzona Corporation's financial condition just prior to the acquisition is shown In the financial statements model d. Record the acquisition in general Journal format. Complete this question by entering your answers in the tabs below. Required A Required Required Record the acquisition in a financial statements model Arzona Corporation's financial condition just prior to the acquisition is shown in a horontal statements model in the State of Cash Flows column, use the initial OA to designate operating activity, IA for investing activity, and FA for financing activity Love to indicate that an elementi notected the event. Enter any decreases to account balances and cash out with a mission) ARIZONA CORPORATION Horontal Statement Model Balance Sheet Income Event Assets Tangible Assets Stockholders CAN Samantalan Goodwi Net Income 510,000 Acquisition 510 000 in the financial statements modei. d. Record the acquisition in general journal format. Complete this question by entering your answers in the tabs below. Required A Required B Required D Record the acquisition in general journal format. (If no entry is required for a transaction/event, selec the first account field.) View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

9th Edition

9781259722660

Students also viewed these Accounting questions