Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 4.00

Neal Co

On January 1, 2007, Neal Co. issued 100,000 shares of its $10 par value common stock in exchange for all of Frey Inc.’s outstanding stock. The fair value of Neal’s common stock on December 31, 2006, was $19 per share. The carrying amounts and fair values of Frey’s assets and liabilities on December 31, 2006, were as follows:

 

Carrying amount

Fair value

Cash

$ 240,000

$ 240,000

Receivables

270,000

270,000

Inventory

435,000

405,000

Property, plant, and equipment

1,305,000

1,440,000

Liabilities

(525,000)

(525,000)

Net assets

$1,725,000

$1,830,000

What is the amount of goodwill resulting from the business combination?

  1. $175,000
  2. $105,000
  3. $ 70,000
  4. $0

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 11:09 PM My Price 4.00

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