Evaluate amount of goodwill should horace wimp record, Cost Accounting

Blue sky Company's 12-31-13 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000. All of the book value's are the same as the market values except for land, which has a higher market value by $300,000.

On 12-31-13, Horace Wimp paid $5,100,000 to acquire Blue Sky. What amount of goodwill should Horace Wimp record as a result of the purchase? Show calculations.

a. $-0-
b. $100,000
c. $1,800,000
d. $2,100,000

Posted Date: 2/27/2014 11:45:11 PM | Location : United States

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