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Question - On 1 January 2022, Dion Company purchases Nat Co for the following consideration:
Cash $400 000
Land Carrying amount: $500 000
Fair value: $1 100 000
The Balance Sheet of Nat Co, at the date of acquisition, shows assets of $1 800 000 and liabilities of $850 000.
All the assets of Nat Co are fairly valued, except some land which has a carrying amount of $250 000 but has a fair value of $350 000. Nat Co has no contingent liabilities.
What is the value of goodwill acquired by Dion Company? Can this goodwill be shown in the balance sheet and, if it increases in value in future years, can it then be revalued?
problem 1 balance sheetsdecember 31 20x6nbsppeonyltd.asterltd.assetsnbspnbspcashnbsp 62500nbsp 25000accounts
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