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Salem Co. had the subsequent account balances as of December 1, 2010:

Inventory $720,000

Land $600,000

Building net (valued at $1,200,000) $1,080,000

Common Stock ($10 par value) $96,000

Retained earnings, Decemeber 1, 2010 $1,320,000

Revenue $720,000

Expenses $600,000

Bellington Inc. transferred $1.7 million in cash and 12,000 shares of its recently issued $30 par value common stock (valued at $90 per share) to obtain all of Salem's outstanding common stock. Consider that Bellington paid cash of $2.8 million. No stock is issued. An additional $50,000 is paid in direct combination costs. Required:For Goodwill, determine what balance would be included in a December 1, 2010 consolidation.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9719480

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