Find the book value of pioneer net assets

Reference no: EM131521442

Question: Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,500,000 in cash. The book value of Pioneer's net assets (assets minus liabilities) was $3,900,000. The book values and fair values of Pioneer's assets and liabilities were:

Required: 1. Calculate the amount paid for goodwill.

2. Record Northern Equipment's acquisition of Pioneer Equipment Rental.

Reference no: EM131521442

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