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Calculation of goodwill value.
a. On June 30, 2007 Hi-tech Inc purchased for cash at $50 per share all 150,000 shares of outstanding common stock of Ski Craft Company. Ski craft balance sheet at June 30, 2007 showed net assets with a book value of $6,000,000. The fair value of ski craft property, plant and equipment on June 30, 2007 was $800.000 in excess of its book value. What amount if any will Hi-Tech record as goodwill on the date of purchase?
b. A company using the group method for its delivery trucks retired one of its delivery truck after the average service life of the group was reached. Cash proceeds were received from a salvage company. The net carrying amount of these group assets accounts would be decreased by the
ending work in process inventory.the morgan company uses the weighted average method in its process costing system.
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Prepare an analysis showing what the impact will be on company profits if this tour is discontinued and the company's tour director has been criticized because only about 50% of the seats on the company's tours are being filled as compared to an aver..
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