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Thule Inc. has recently purchased the identifiable net assets of Midgard Ltd. The condensed statement of financial position of Midgard Ltd. at the time of purchase follows:
Midgard Ltd.
Statement of Financial Position
31 March 2020
Assets
Cash 56,000
Land 151,000
Equipment (net) 196,000
Patent (net) 28,000
Total assets 431,000
Liabilities and Equity
Accounts payable 34,000
Long-term notes 263,000
Total liabilities 297,000
Common shares 50,000
Retained earnings 84,000
Total equity 134,000
Total liabilities and equity 431,000
Required:
Question a) Calculate the amount of goodwill that was included in the purchase of the identifiable net assets of Midgard Ltd.
Question b) Identify three reasons why a company may have goodwill.
Question c) Discuss why internally generated goodwill is not reported on a company's statement of financial position.
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