Business, 07.04.2020 02:56 ayoismeisalex

Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,600,000 in cash. The book values and fair values of Pioneerâ€™s assets and liabilities were: BOOK VALUE FAIR VALUE
Accounts receivable $750,000 $650,000
Buildings 4,100,000 4,800,000
Equipment 110,000 200,000
Accounts payable (750,000) (750,000)
$4,210,000 $4,900,000
Required:
1. Calculate the amount Northern Equipment should report for goodwill.
2. Record Northern Equipment's acquisition of Poineer Equipment Rental.

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Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Renta...