w2 homework answers

w2 homework answers - Chapter 10 Homework Exercise 10-7...

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Unformatted text preview: Chapter 10 Homework Exercise 10-7 Calculation of goodwill: Consideration exchanged $11,000,000 Less fair value of net assets: Book value of net assets $7,800,000 Plus: Fair value in excess of book value: Property, plant, and equipment 1,400,000 Intangible assets 1,000,000 Less: Book value in excess of fair value: Receivables (200,000 ) 10,000,000 Goodwill $ 1,000,000 Problem 10-4 To reclassify various expenditures incorrectly charged to the intangible asset account. Organization cost expense............................................................... 7,000 Prepaid insurance............................................................................. 6,000 Copyright......................................................................................... 20,000 Research and development expense................................................. 40,000 Patent ($3,000 + 12,000).................................................................. 15,000 Franchise..........................................................................................Franchise....
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This note was uploaded on 10/12/2010 for the course ACCT 305 taught by Professor Rans during the Summer '10 term at DeVry Decatur.

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w2 homework answers - Chapter 10 Homework Exercise 10-7...

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