What amount should be reported as goodwill, Accounting Basics

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What amount should be reported as goodwill

On April 30, 2011, Sistar, Inc. purchased for $30 per share all 200,000 of Wren Corp.'s outstanding common stock. On this date Wren's balance sheet showed net assets of $5,000,000. Additionally, the fair value of Wren's identifiable assets on this date was $400,000 in excess of their carrying amount. On Sistar's April 30, 2011, consolidated balance sheet, what amount should be reported as goodwill?

a. $350,000

b. $400,000

c. $600,000

d. $1,000,000

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Accounting Basics: What amount should be reported as goodwill

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What amount should be reported as goodwill

Reference No:- TGS079298

Recent Questions Asked Accounting Basics

Q : How monthly profit increase as revenue increases

Q : Calculate that revenue required to earn an after-tax profit

Q : Write down the expression for annual after-tax profit

Q : At what amount should the new truck be recorded

Q : What amount should be reported as goodwill

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