How much is reported for goodwill

Assignment Help Financial Accounting

Reference no: EM131212280

On June 1, Cline Co. paid $892,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow: Cash $ 178,000 Accounts receivable 237,000 Capitalized software costs 374,000 Goodwill 110,000 Liabilities (201,000 ) Net assets $ 698,000 On June 1, Renn’s accounts receivable had a fair value of $155,000. Additionally, Renn’s inprocess research and development was estimated to have a fair value of $235,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill? $41,000. $69,000. $374,000. $151,000.

Reference no: EM131212280

Questions Cloud

Response in regard to kim philby and the cambridge : Highly educated individuals, capable of rising to high status within British establishments, would never be suspected of conducting espionage. - Do you have any further thoughts on this?

What is the investment in equity method : Franklin purchases 40 percent of Johnson Company on January 1 for $578,700. Although Franklin did not use it, this acquisition gave Franklin the ability to apply significant influence to Johnson’s operating and financing policies. Johnson reports ass..

How would you define the problem differently : What is the problem that needs to be addressed? If applicable, how would you define the problem differently? What do you think is the correct solution and why?

How much is reported for goodwill : On June 1, Cline Co. paid $892,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow: Cash $ 178,000 Accounts receivable 237,000 Capitalized software costs 37..

Production department is currently utilizing is outdated : The Managerial Accounting Department at your company has been engaged by the Production Department for assistance in evaluating a purchase decision. The equipment the production department is currently utilizing is outdated and has become costly to m..

Work using fraction arithmetic : An airport parking lot is a rectangle 1 7/10 of a mile wide and 2 3/4 of a mile long. How much fencing is needed to enclose the lot? Show work using fraction arithmetic, include units with answer. find the area of the rectangle parking lot describ..

What happens when it enters the environment : What are the possible sources of exposure? What happens when it enters the environment? How persistent is the toxin? Has the federal government made recommendations to protect human health?

Developed unpatented technology appraised : Current assets $ 111,000 Buildings & equipment (net) 239,500 Total assets $ 350,500 Liabilities $ 67,500 Common stock 150,000 Retained earnings 133,000 Total liabilities and equities $ 350,500 On May 1, Donovan holds a building with a fair value $34,..

User Account

All Pages