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Dennis_Churaev [7]
3 years ago
11

Northern purchased the entire business of Southern including all its assets and liabilities for $2,400,000 on December 31, 2021.

Below is information related to the two companies at that date: Northern Southern Fair value of assets $ 4,200,000 $ 3,200,000 Fair value of liabilities 2,100,000 1,200,000 Reported assets 3,200,000 2,600,000 Reported liabilities 2,000,000 1,000,000 Net Income for the year 240,000 200,000 How much goodwill did Northern pay for acquiring Southern?
Business
1 answer:
stich3 [128]3 years ago
5 0

Answer:

$400,000

Explanation:

The computation of goodwill is shown below:-

Fair value of assets = $3,200,000

Fair value of liabilities = $1,200,000

Cash paid for southern = $2,400,000

Acquired Net assets = $2,000,000

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

= $3,200,000 - $1,200,000

= $2,000,000

Goodwill acquired = Cash paid for southern - Acquired Net assets

= $2,400,000 - $2,000,000

= $400,000

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8 0
2 years ago
An individual wants to have $95,000 per year to live on when she retires in 30 years. The individual is planning on living for 2
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Answer:

The amount she would be saving during her working life is  $1,089,64 and the deposit required for each year is $6,624.21

Explanation:

Solution

Given that:

The amount of income needed for retirement income = P×[1-(1÷(1+r)^n)]÷r

Now,

The Interest rate per annum  =6.00%

The Number of years = 2

The Number of compoundings per annum  = 1

The Interest rate per period ( r)=6.00%      

The period per payment (P)=$ 95,000

The Amount required for retirement income = 95000*[1-(1/(1+6%)^95000]/6% =$1,089,643        

Now,

Required deposit for every year (P)=FVA÷([(1+r)^n-1]÷r)

The Interest rate per annum = 10.00%

The Number of years= 30                                          

The number payments per per annum =1                                       The Interest rate per period ( r)=10.00%

The Number of periods (n)=30

Thus,

The Future value of annuity (FVA) = $1,089,643  

Hence the deposit required for each year is = 1089643/(((1+10%)^30-1)/10%)

= $6,624.21

                           

                                                 

6 0
3 years ago
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