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Show the amount of goodwill from heinrichs investment

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Reference no: EM132526676

Question - On January 2, 2011, Heinreich Co. paid $500,000 for 25% of the voting common stock of Jones Corp. At the time of the investment, Jones had net assets with a book value and fair value of $1,800,000. During 2011, Jones incurred a net loss of $60,000 and paid dividends of $100,000. Any excess cost over book value is attributable to goodwill with an indefinite life.

Required -

1) Schedule to show the amount of goodwill from Heinrich's investment in Jones.

2) Schedule to show the balance in Heinreich's investment account at December 31, 2011.

Reference no: EM132526676

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