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Degger [83]
3 years ago
14

On September 1, 2020, Concord Corporation acquired Skysong Enterprises for a cash payment of $790,000. At the time of purchase,

Skysongâs balance sheet showed assets of $630,000, liabilities of $180,000, and ownersâ equity of $450,000. The fair value of Skysongâs assets is estimated to be $890,000.Compute the amount of goodwill acquired by Concord.
Business
1 answer:
sladkih [1.3K]3 years ago
5 0

Answer:

$710,000

Explanation:

For computing the cost of the goodwill, first we have to calculate the fair value of the net asset which is shown below:

The fair value of net asset = The fair value of Skysongâs assets - the fair value of liabilities

= $890,000 - $180,000

= $710,000

And, the acquired value of Skysong Enterprises for cash is $790,000

So, the goodwill would be  

= $790,000 - $710,000

= $80,000

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