Reference no: EM132667554
Problem 1: Smith Ltd acquired all the shares of Jon Ltd for $1,470,000. The book value of Jon Ltd's net assets at the time of acquisition is $1,000,000. All assets are at fair value except for land and buildings which exceeded their book value by $100,000. What is the amount of Goodwill, if any, that Smith Ltd will record on acquisition of Jon Ltd?
Select one:
a. $400,000.
b. $300,000
c. $370,000.
d. $380,000
Problem 2: James Ltd acquired all the shares of Brianna Ltd for $655,000. Brianna Ltd's Statement of Financial Position at the date of acquisition shows total assets of $700,000 and liabilities of $300,000. The market value of Brianna Ltd's assets is $800,000. What is the amount of goodwill that James Ltd will recognise on acquisition?
Select one:
a. $255,000
b. $155,000.
c. $220,000.
d. $120,000.
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