ACME Co. paid $110,000 for the net assets of Comb Corp. At the time of the acquisition the following information was available related to Comb's balance sheet: What is the amount of goodwill or gain related to the acquisition?
A)Goodwill of $70,000
B)Goodwill of $30,000
C)A gain of $30,000
D)A gain of $70,000

Question

ACME Co. paid $110,000 for the net assets of Comb Corp. At the time of the acquisition the following information was available related to Comb's balance sheet:  What is the amount of goodwill or gain related to the acquisition?
A)Goodwill of $70,000 
B)Goodwill of $30,000 
C)A gain of $30,000 
D)A gain of $70,000

Quizplus · Accepted Answer

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ACME Co Paid $110,000 for the Net Assets of Comb Corp