How should hubert allocate the $975,000 purchase, Accounting Basics

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How should hubert allocate the $975,000 purchase

Hubert purchases Fran's jewelry store for $975,000. The identifiable assets of the business are as follows:

Basis
FMV
Inventory
$125,000
$150,000
Accounts receivable
55,000
50,000
Building
200,000
275,000
Land
280,000
300,000
Hubert and Fran agree to assign $125,000 to a five-year covenant not to compete. How should Hubert allocate the $975,000 purchase price to the assets?

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Accounting Basics: How should hubert allocate the $975,000 purchase

Reference No:- TGS084354

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Show what the curve would look like

Q : Identify why executives in nontechnological industries need

Q : Determine the productivity of the processing facility

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Q : How should hubert allocate the $975,000 purchase

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: How should hubert allocate the $975,000 purchase

Reference No:- TGS084354

Recent Questions Asked Accounting Basics

Q : Show what the curve would look like

Q : Identify why executives in nontechnological industries need

Q : Determine the productivity of the processing facility

Q : Digital strategy to improve profit

Q : How should hubert allocate the $975,000 purchase

Q : Doing the remainder of the paper which needs to talk

Q : Loss to be reported on joint return

Q : The total sum of products by productid

Q : Consumer decision-making process

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