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Arte-miy333 [17]
3 years ago
13

On September 1, 2020, Flounder Corporation acquired Shamrock Enterprises for a cash payment of $690,000. At the time of purchase

, Shamrock’s balance sheet showed assets of $650,000, liabilities of $190,000, and owners’ equity of $460,000. The fair value of Shamrock’s assets is estimated to be $770,000.Compute the amount of goodwill acquired by Flounder.
Business
1 answer:
Rama09 [41]3 years ago
3 0

Answer:

$110,000

Explanation:

Net value of assets = Fair value of assets - Fair value of liabilities

                                 =  $770,000 - $190,000

                                 = $580,000

Fair value of goodwill:

= Purchase price - Net value of assets

= $690,000 - $580,000

= $110,000

Therefore, the amount of goodwill acquired by Flounder is $110,000.

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