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Arlington, Inc. purchases all of the common stock of Frisco Company for $450,000 cash. At the acquisition date, Frisco's stockholders' equity consisted of Common Stock, $300,000, and Retained Earnings, $20,000. It was determined that the investee's balance sheet included land undervalued by $30,000 and equipment undervalued by $5,000. Arlington estimates a 10-year life for any goodwill.
Required:
Problem a. What is the amount of goodwill recorded at date of acquisition?
Problem b. What is the balance in goodwill one year after acquisition, if the company is a private company?
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