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Category > Management Posted 16 Feb 2018 My Price 7.00

Northeast’s long-term assets

E7-40B (Learning Objectives 5, 6: Compute and account for goodwill and impairment) Assume Doltron paid $19 million to purchase Northeast.com. Assume further that Northeast had the following summarized data at the time of the Doltron acquisition (amounts in millions):

 

 

Northeast.com

Assets                                            Liabilities and Equity

 

 

Current  assets .....................

$11

Total liabilities .....................

$22

 

 

Long-term assets .................

  27

Stockholders’ equity .............

  16

 

 

 

$38

 

$38

 

 

 

 

 

 

 

 

Northeast’s long-term assets had a current market value of only $25 million.

â–¶ Requirements

1. Compute the cost of goodwill purchased by Doltron.

2. Journalize Doltron’s purchase of Northeast.

3.    Explain how Doltron will account for goodwill.

Answers

(5)
Status NEW Posted 16 Feb 2018 04:02 PM My Price 7.00

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