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How much is reported for goodwill

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Question - On June 1, Cline Co. paid $870,000 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 $239,000

Accounts receivable 181,000

Capitalized software costs 340,000

Goodwill 103,000

Liabilities (226,000)

Net assets $637,000

On June 1, Renn's accounts receivable had a fair value of $136,000. Additionally, Renn's in-process research and development was estimated to have a fair value of $253,000. All other items were stated at their fair values. On Cline's June 1 consolidated balance sheet, how much is reported for goodwill?

Reference no: EM132530167

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