Answer:
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Explanation:
Answer and Explanation:
1. The amount of goodwill is shown below:
= Purchase price - the market value of net assets
= $6,000,000 - ($17,000,000 + $13,000,000)
= $2,000,000
2. Now the journal entry for purchase is
Assets $17,000,000
Goodwill $2,000,000
To Liabilities $13,000,000
To Cash $6,000,000
(Being the purchase is recorded)
For recording this we debited the assets and goodwill as it increased the assets and credited the liabilities and cash as it also increased the liabilities and decreased the assets
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Answer:
the common fixed expense is $300,000
Explanation:
The computation of the common fixed expense is shown below:
Common Fixed Expenes = Office Administrative Assistant + Office Administrative Assistant + President's Salary
= $70,000 + $47,000 + $183,000
= $300,000
hence, the common fixed expense is $300,000
