On January 2nd, Year 1, Payne Co., purchased Shef Co. at a cost that resulted in...
On January 2nd, Year 1, Payne Co., purchased Shef Co. at a cost that resulted in recognition of a goodwill of $200,000. During the first quarter of Year 1, Payne spent an additional $80,000 on expenditures designed to maintain goodwill. In its December 31st, year 1, balance sheet what amount should Payne report as Goodwill?
Homework Answers
$200,000
$200,000 of goodwill is capitalized as a component of the purchase
of the other entity. $80,000 is expensed since it is an internal
development expenditure designed to maintain goodwill and cannot be
capitalized. Goodwill is not amortized, but is subject to an
impairment test.
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