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Who is to record goodwill in the books and how much

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Reference no: EM132812564

Problem - Belize Medical Associates (BMA) reacquired Belize Healthcare Partners (BHP) at a purchase price of $70,000. BHP had assets totaling $85,000 and liabilities totaling $20,000.

Required -

(a) Who is to record goodwill in the books and how much?

(b) At the end of the period, the goodwill was revalued at $3,500. Journalize the impairment.

Reference no: EM132812564

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