On September 1, 2017, Flint Corporation acquired Aumont Enterprises for a cash payment of $710,000. At...
On September 1, 2017, Flint Corporation acquired Aumont
Enterprises for a cash payment of $710,000. At the time of
purchase, Aumont’s balance sheet showed assets of $560,000,
liabilities of $240,000, and owners’ equity of $320,000. The fair
value of Aumont’s assets is estimated to be $790,000.
Compute the amount of goodwill acquired by Flint.
| Value assigned to goodwill | $
|
Homework Answers
Goodwill
= Cash paid - Fair value of net assets
= 710,000 - (790,000-240,000)
= 710,000 - 550,000
= 160,000
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