Reference no: EM132713215
Question - On January 2, 2020, Kuehler Corporation's stockholder's equity accounts were as follows:
Common Stock, $1 par $100,000
Additional Paid in Capital $350,000
Retained Earnings $225,000
Kuehler's assets and liabilities had book values equal to fair values except for inventory, land and building which were undervalued by $50,000, $75,000, and $40,000, respectively. On January 2, 2020 Davis Corp. purchased all of Kuehler's common stock for $900,000 cash. There was no contingent consideration in the agreement to combine.
Required -
a) What is the goodwill amount (show your calculation).
b) What are the necessary consolidation entries for a January 2, 2020 balance sheet?
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