On January 1, 2017, Franklin Company acquires 80% of the outstanding common stock of LaSalle, for a purchase price of $9...
On January 1, 2017, Franklin Company acquires 80% of the outstanding common stock of LaSalle, for a purchase price of $970,000. It was determined that the fair value of the noncontrolling interest in the subsidiary is $240,000. The book value of the LaSalle’s stockholders’ equity on the date of acquisition is $700,000 and its fair value of net assets is $1,100,000. The acquisition-date acquisition accounting premium (AAP) is allocated $250,000 to equipment with a remaining useful life of 10 years, and $150,000 to a patent with a remaining useful life of 6 years. Determine the total goodwill to be recognized at acquisition date.
Homework Answers
Total goodwill = Purchase price -(net assets - fair value of noncontrolling interest)
= $970000 -(1100000-240000)
= $10000
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