On june 1 cline co paid 892000 cash for all of the issued, Ask an Expert

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On June 1, Cline Co. paid $892,000 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 $ 178,000 Accounts receivable 237,000 Capitalized software costs 374,000 Goodwill 110,000 Liabilities (201,000 ) Net assets $ 698,000 On June 1, Renn’s accounts receivable had a fair value of $155,000. Additionally, Renn’s inprocess research and development was estimated to have a fair value of $235,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill? $41,000. $69,000. $374,000. $151,000.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91968275

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