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At what amount should the patent and goodwill be reported

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Question - John Corporation purchases 100% of the outstanding stock of Geller Company for $600,000. Geller reports a single fixed asset, land costing $500,000 (fair value $650,000) and a note payable of $320,000. Geller also owns a patent that has a book value of $35,000 and a fair value of $75,000. At what amount should the patent and goodwill be reported on the consolidated financial statements?

Reference no: EM133175363

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