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german
3 years ago
11

The balance sheet of Cattleman's Steakhouse shows assets of $85,900 and liabilities of $13,500. The fair value of the assets is

$90,500 and the fair value of its liabilities is $13,500. Longhorn paid Cattleman's $84,120 to acquire all of its assets and liabilities. Longhorn should record goodwill on this purchase of:
Business
1 answer:
cestrela7 [59]3 years ago
8 0

Answer:

$7,120

Explanation:

Given that,

Assets = $85,900

Liabilities = $13,500

Fair value of assets = $90,500

Fair value of its liabilities = $13,500

Amount paid to acquire all of its assets and liabilities = $84,120

Net assets:

= Fair value of assets - Fair value of its liabilities

= $90,500 - $13,500

= $77,000

Goodwill = Purchase consideration - Net assets

               = $84,120 - $77,000

               = $7,120

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Data provided in the question:

Year              Annual dividend paid

   1                                      $1.20

   2                                      $1.12

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Now,

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   2                             $1.12                          0.84246               0.7949

   3                             $1.12                          0.59793             0.6696

   4                             $14.20                       0.50373             7.1529

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Note:

Present value factor = [ 1 ÷ (1 + 0.187)ⁿ]

here,

n is the year

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