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Calculation of goodwill value.
a. On June 30, 2007 Hi-tech Inc purchased for cash at $50 per share all 150,000 shares of outstanding common stock of Ski Craft Company. Ski craft balance sheet at June 30, 2007 showed net assets with a book value of $6,000,000. The fair value of ski craft property, plant and equipment on June 30, 2007 was $800.000 in excess of its book value. What amount if any will Hi-Tech record as goodwill on the date of purchase?
b. A company using the group method for its delivery trucks retired one of its delivery truck after the average service life of the group was reached. Cash proceeds were received from a salvage company. The net carrying amount of these group assets accounts would be decreased by the
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