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On June 1, Cline Co. paid $911,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying values for Renn's assets and liabilities on June 1 follow:


Cash $ 161,000
Accounts receivable 194,000
Capitalized software costs 345,000
Goodwill 168,000
Liabilities (159,000 )


Net assets $ 709,000


Note: Parentheses indicate a credit balance.

On June 1, Renn's accounts receivable had a fair value of $143,000. Additionally, Renn's in-process research and development was estimated to have a fair value of $264,000. All other items were stated at their fair values. On Cline's June 1 consolidated balance sheet, how much is reported for goodwill?

On May 1, Donovan Company reported the following account balances:


Current assets $ 127,500
Buildings & equipment (net) 252,500


Total assets $ 380,000


Liabilities $ 103,500
Common stock 150,000
Retained earnings 126,500


Total liabilities and equities $380,000

 

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