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Compute the amount of goodwill acquired by vinson

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Reference no: EM132818078

On July 1, 2017, Vinson Corporation acquired Carley Company for $900,000 cash. At the time of purchase, Carley's balance sheet showed assets of $775,000 and liabilities of $250,000. The fair value of Carley's assets is estimated to be $950,000 and the fair value of liabilities is estimated to be $250,000. Instructions - Show all work.

Problem (a) Compute the amount of goodwill acquired by Vinson.

Problem (b) On December 31, the fair value of Carley is estimated to be $720,000 and the carrying value of Carley's net assets, including the goodwill, at year-end is $750,000. In addition, it is determined on December 31 that Inventory is understated by $50,000 and Equipment is overstated by $25,000. Prepare Vinson's journal entry, if necessary, to record impairment of goodwill.

Reference no: EM132818078

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