Solved: The fair values of reliables assets and liabilities equaled, Accounting Basics

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The fair values of reliables assets and liabilities equaled

1. Pro-tech Software acquired all of the outstanding stock of Reliable Software for $14 million. The book value of Reliable's net assets (assets minus liabilities) was $8.3 million. The fair values of Reliable's assets and liabilities equaled their book values with the exception of certain intangible assets whose fair values exceeded book values by $2.5 million. Calculate the amount paid for goodwill.

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Accounting Basics: The fair values of reliables assets and liabilities equaled

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