On june 1 cline co paid 800000 cash for all of the issued, Ask an Expert

Accounting

On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn's assets and liabilities on June 1 follow:


Cash	$	150,000
Accounts receivable		180,000
Capitalized software costs		320,000
Goodwill		100,000
Liabilities		(130,000	)

Net assets	$	620,000

On June 1, Renn's accounts receivable had a fair value of $140,000. Additionally, Renn's inprocess research and development was estimated to have a fair value of $200,000. All other items were stated at their fair values. On Cline's June 1 consolidated balance sheet, how much is reported for goodwill?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9948439

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