Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 02 Aug 2017 My Price 4.00

Joseph, Inc.

On January 1, 2013 Joseph, Inc. acquired 80% of Allen Company in exchange for $2,250,000 fair-value consideration. The total fair value of Allen Company was assessed at $2,400,000. Joseph computed annual excess fair-value amortization of $16,000 based on the difference between Allen’s total fair value and its underlying net asset fair value. The subsidiary reported earnings of $150,000 in 2013 and $195,000 in 2014 with dividend payments of $42,000 each year. Apart from its investment in Allen Company, Joseph had income of $450,000 in 2013 and $575,000 in 2014.

How much is the acquisition date excess fair value amortization?

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Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 11:08 AM My Price 4.00

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