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Question - ABC Incorporated acquired all of the assets and liabilities of XYZ Corporation for $1,250,000 cash on January 1, 2020. The book values and fair values of the assets of XYZ as of the date of acquisition were:
Book Value
Fair Value
Accounts receivable
$150,000
Inventory
225,000
300,000
Property, plant, and equipment
600,000
Land
200,000
400,000
In addition , XYZ had liabilities totalling $320,000 at the date of acquisition (with the book value of liabilities equal to the fair value) and an internally developed patent not recognized in the accounts, estimated to have a fair value based on discounted cash flows of $70,000.
Required -
1. Compute the goodwill on acquisition.
2. Prepare the journal entry necessary for ABC Inc. to record the acquisition.
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