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Question - Accounting for Goodwill
On July 1, 2010, Brandon Corporation purchased Mills Company by paying $250,000 cash and issuing a $150,000 note payable to Steve Mills. At July 1, 2010, the balance sheet of Mills Company was as follows:
Cash
$50,000
Accounts Payable
$200,000
Accounts Receivable
90,000
Stockholder's equity
235,000
Inventory
100,000
Land
40,000
Building (net)
75,000
Equipment (net)
70,000
Trademarks
10,000
$435,000
The recorded amounts all approximate current values except for land (fair value of $80,000), inventory (fair value of $125,000), and trademarks (fair value of $15,000).
Prepare the July 1 entry for Brandon Corporation to record the purchase.
Prepare the December 31 entry for Brandon Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,000.
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