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During 2009 lexie inc acquired lena inc for 10000000 the

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During 2009, Lexie, Inc. acquired Lena, Inc. for $10,000,000. The fair market value of the net assets of Lena, Inc. was $8,500,000 on the date of purchase. During 2012, Lexie, Inc. determined the goodwill resulting from the Lena acquisition was impaired and had a value of $1,000,000.

a. Determine the amount of goodwill implied during 2009.

b. Illustrate the effects on the accounts and the financial statements of the amortization for 2012.

  • Assets = Liabilities + Stockholders' Equity
  • Cash Goodwill Capital Stock Retained Earnings
  • Statement of Cash Flows Income Statement

Reference no: EM13598688

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