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Acquirer Company bought Servile Company for $5,000,000 on January 2, 2004. The fair market value of the individual net assets was $3,500,000. In succeeding years, the fair market value of Servile's costs and goodwill were as follows:
Year
Fair Market
Value of
Servile
Cost of Servile's
Net Assets and
Goodwill
2005
$7,000,000
$7,100,000
2006
7,300,000
6,700,000
2007
8,000,000
9,300,000
Required:
a. What amount of goodwill should be recognized as a result of the acquisition of Servile in 2004?
b. Determine the amounts of the goodwill write-offs (if any) in 2005, 2006, and 2007.
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