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Question - On Jan 1, Year 1, Pungent corporation acquired 75% of Summer Corporation's 200,000 outstanding common shares for 2,850,000. On Jan 1, the book value of Summer's net assets was 3,000,000. Book value equaled fair value for all Summner's assets and liabilities except land, which has a fair value 200,000 greater than book value, and equipment which had a fair value 150,000 greater than book value. On Jan 1, Year 1, Summer had a non-compete agreement with a fair value of 300,000.
Compute the amount of goodwill (show your work) to be reported on Pungent corporation's December 31, Year 1 balance sheet under U.S. GAAP?
What are three controls that would be effective in protecting health care information? For each item, describe the risk in your own terms and how the controls address that risk. Also, discuss how applicable the same risks and controls are to other..
as part of an initial investment a partner contributes delivery equipment that originally cost 50000 and on which
as at december 31-2012 a company has total assets of 3500 current assets of 1500 and fixed assets of 2000 debt of 2250
Explain the meaning of the term "accounting principles" as used in the audit report. How is it determined if an accounting principle is "generally accepted". Discuss the sources of evidence for determining whether an accounting principle has substa..
madison industries has equivalent units of 2000 for materials and for conversion costs. total manufacturing costs are
agler railroad co. is about to issue 400000 of 10-year bonds paying a 9 interest rate with interest payable
presented below is information related to farr company. retained earnings december 31 2010 650000 sales 1400000
Prepare a paper on Citizen-Centric Reporting. In your paper, discuss the purpose of Citizen-Centric Reporting, why you believe such reports are necessary, and what the AGA recommends as the format and content of the report.
Isolution Company acquired patent rights on January 4, 2007, for $750,000. The patent has a useful life equal to its legal life of 15 years.
During 2012, Lorraine sold the following assets: business equipment for a $8,000 loss, stock investment for a $10,000 loss, and her principal residence for a $26,000 loss. how much of these losses may Lorraine claim on her 2012 return?
Sylvester Company requires clients to pay in advance for legal services. One such client made a $4,000 payment on May 1, and Sylvester Company recorded this transaction in the appropriate liability account. As of May 20, the legal services that th..
Salty Sensations Snacks Company manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has budgeted the following costs for the upcoming period:
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