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On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying values for Renn's assets and liabilities on June 1 follow:
Cash
$150,000
Accounts receivable
180,000
Capitalized software costs.
320,000
Goodwill
100,000
Liabilities
130,000
Net assets
$620,000
On June 1, Renn's accounts receivable had a fair value of $140,000. Additionally, Renn's inprocess research and development was estimated to have a fair value of $200,000. All other items were stated at their fair values. On Cline's June 1 consolidated balance sheet, how much is reported for goodwill?
a. $320,000.
b. $120,000.
c. $80,000.
d. $20,000.
Financial Statement Analysis and Preparation
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