Oriole Company’s 12/31/21 balance sheet reports assets of $11550000 and liabilities of $4910000. All of Oriole’s assets’ book values approximate their fair value, except for land, which has a fair value that is $710000 greater than its book value. On 12/31/21, Egbert Corporation paid $11744000 to acquire Oriole. What amount of goodwill should Egbert record as a result of this purchase?

Q: On December 31 , 2010, Scotch Company decided and classified a group of its assets as held for sale…

A: According to International accounting standard-36 (impairment of assets), it states that the…

Q: Momo Company has a single investment property which had originally cost P2,320,000 on January 1,…

A: Valuation of Investment Assets According to PAS 40 the valuation of the investment assets mainly…

Q: )  Prepare the journal entry to account for any impairment of goodwill.  b)  Assume instead that at…

A: Goodwill:   Goodwill is an intangible asset. It is defined as the excess of cost of an acquired…

Q: Chili's, acquired Thallicious for $32,170,000. The fair value of all Thailicioustangible and…

A: Goodwill is the excess of consideration paid over the fair values of net assets of the acquiring…

Q: Floyd Company purchases Haeger Company for $2,400,000 cash on January 1, 2021. The book value of…

A:

Q: ABC Corporation purchased XYZ Inc. The latter has the following account balances:   The noncurrent…

A: The term goodwill refers to the excess amount that is paid in acquisition over the fair value of net…

Q: Positivity Enterprises accounted for noncurrent assets using the revaluation model. On September 1,…

A: As per IFRS 5 Non current assets held for sale and discontinued operation The revaluation of asset…

Q: Sheffield Corporation purchased Sage Hill Company 3 years ago and at that time recorded goodwill of…

A: Impairment of loss: The impairment loss must be recorded so that the asset is written down. There is…

Q: Short Corporation acquired Hathaway, Inc., for $32,620,000. The fair value of all Hathaway's…

A: In 2001, According to the Financial Accounting Standards Board (FASB) declared in Statement 142,…

Q: Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of…

A: Goodwill: Goodwill is an intangible asset. Goodwill is a reputation of a business which cannot be…

Q: In 2021, Dooling Corporation acquired Oxford Company for $250 million, of which $50 million was…

A: As per IAS -36 "Impairment of Assets" - impairment loss needs to be recognized, when the book value…

Q: The Oscar Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum…

A: Total cost to be assigned = P20,000,000 + P240,000 Total cost to be assigned = P20,240,000

Q: How much should Dolly Company report goodwill as of December 31, 2022?

A: Goodwill is the amount of money which has been paid by the acquiring company in excess of the net…

Q: What is the goodwill arising from the acquisition?

A: Goodwill= Consideration paid - Fair value of assets - Fair value of liabilities Where Consideration…

Q: The following information concerns the intangible assets of Epstein Corporation: a. On June 30,…

A: An intangible asset seems to be one that does not have a physical form. Intangible assets include…

Q: On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for…

A:

Q: Cheyenne Corporation purchased Sage Hill Company 3 years ago and at that time recorded goodwill of…

A: Loss on impairment = Carrying value of goodwill - Fair value of goodwill

Q: Required: a)  Prepare the journal entry to account for any impairment of goodwill. b)  Assume…

A: Goodwill: Goodwill is an intangible asset. It is defined as the excess of cost of an acquired…

Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid…

A: Cost of acquisition means total expenses incurred by entity to purchase new entity or assets. Here…

Q: Acquirer Limited purchased 75 per cent of Subby Limited for $45 000. The fair value of identifiable…

A: Goodwill is allocated to non-controlling interest in the proportion of the shareholding retained by…

Q: Palm Resorts acquired its 70 percent interest in Sun City on January 1, 2017, for $41,750,000. The…

A: Goodwill refers to the amount of intangible assets that arise from the acquisition and purchase of…

Q: Surreal Company accounted for non-current assets using the revaluation model. On October 1, 2021,…

A: Generally the fixed assets are valued at cost plus cost of…

Q: Surreal Company accounted for non-current assets using the revaluation model. On October 1, 2021,…

A: The revaluation model enables a business to maintain non-current assets at their revalued value.…

Q: On January 1, 2011, Barbidel Company purchased another entity at a cost of P9,000,000. The net…

A: Amount of Goodwill on January 1, 2011 = Purchase costs - fair value of net assets = P9,000,000 -…

Q: On January 1, 2021 Major acquired 60% of Minor for a cash payment of $600,000. At date of…

A: Formula: Goodwill = Purchase price - Fair value of Assets

Q: On January 1, 2019, Intimate Corporation purchased land at a cost of P7,200,000. The entity used the…

A: The question is related to the Non-Current Assets held for sale. The details are given regarding the…

Q: On September 1, 2019, Winans Corporation acquired Aumont Enterprises for a cash payment of £800,000.…

A: Given, Purchase consideration of £800,000 Assets fair value is £800,000 Liabilities amounts to…

Q: At that date, the carrying amount of the land was P5,000,000 and the balance in the revaluation…

A: Impairment loss is the difference in the recoverable amount and carrying of the asset. Recoverable…

Q: Lake Incorporated purchased all of the stock of Huron Company, paying $950,000 cash. Lake also…

A: Goodwill: Goodwill is a non-physical intangible asset which is  generated when a company is acquired…

Q: Purple Corp. purchased all of the listed assets and liabilities of Sudden Corp. for $1,600,000. The…

A: Goodwill: Goodwill is an intangible asset. It is defined as the excess of cost of an acquired…

Q: September 1, 2020, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000. At…

A:

Q: Rooky acquired Bamboo on December 31,2020 for P500,000. Bamboo's Liabilities and Capital at that…

A: Goodwill:- It is an intangible asset which one shows in the Balance sheet of the company. These…

Q: ABC Ltd., a private company, can report in accordance with either ASPE or IFRS. On January 1, Year…

A: Asset Valuation Provision: As per the Accounting Standards of Private Enterprises- Canada, does not…

Q: Carmela Company acquired a financial instrument for P4,000,000 on March 31, 2020. The financial…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: On August 1, 2017, Riverbed Corporation acquired Marin, Inc. for a cash payment of $2.30 million. At…

A: Goodwill is an excess amount of purchase consideration over the net value of assets. It is based on…

Q: Tamara Corporation acquired XW Products on January 1, 2020 for $6,400,000, and recorded goodwill of…

A: Impairment of goodwill is defined as the accounting charge which business report when the carrying…

Q: n July 16, 2020, Agony Company classified a noncurrent asset as held for sale in accordance with…

A: As per IFRS 5, Non Current Assets Held for Sale and Discontinued Operations, at the time of…

Q: On August 1, 2017, Concord Corporation acquired Skysong, Inc. for a cash payment of $2.10 million.…

A: Net assets value = Fair value of assets - Liabilities = $4326000-2550000 = $1,776,000

Q: On January 1, 20X1, XYZ, Inc. purchased 70% of Set Corporation for $469,000. On that date the book…

A: Income from subsidiary in net income: Purchased 70 % of set corporation. Net income of $ 100000

Q: Manara Corporation acquired Sama Products on January 1, 2019 for $4,000,000, and recorded goodwill…

A: Intangible assets include: Goodwill  Patent Copyright Trademark

Q: Lure Corporation is using the cost model for noncurrent assets. On October 1, 2020, the entity…

A: If non-current assets are classified as held for sale, then on such change in classification,…

Q: on-controlling interest shall be measured on a proportionate basis.

A: Given: To calculate the goodwill uses the IFRS, IFRS for SMEs in the year Dec 31 as,

Q: One Corporation concluded that the fair value of Two Company was P160,000 and paid that amount to…

A: One corporation acquired the assets and liabilities at fair value. The following journal entries…

Q: 24. Badreah Company acquired 90% of Rose Company several years ago for which the consideration…

A: Based on the given information, Particulars Amount Recorded goodwill $200,000 Less: Impaired…

Q: Carla Vista Corporation acquired End-of-the-World Products on January 1, 2020 for $6150000, and…

A: Given information Recorded goodwill = $1,150,000 fair value = $4,482,000 Carrying value =…

Q: Surreal Company accounted for non-current assets using the revaluation model. On October 1, 2021,…

A: When the selling price is the asset is more than its Carrying amount or fair value , then it leads…

Q: Several years ago, Sammy Inc. acquired a 709% interest in Lavender Co. The book values of Lavender's…

A: Cost of goods sold: - Costs of goods sold is the value of total goods sold during a particular…

Q: Snowy Ltd acquires Pax Ltd on 1 July 2018 for $5,000,000 being the fair value of the consideration…

A: Goodwill: Goodwill is an intangible asset. It is defined as the excess of cost of an acquired…

Q: On January 1, 20X1, Promo, Inc. purchased 70% of Set Corporation for $469,000. On that date the book…

A: Equity method: Equity method is the method used for accounting equity investments which claim a…