On June 1, Cline Co. paid $1,012,000 cash for al of the issued and outstanding c

Question

On June 1, Cline Co. paid $1,012,000 cash for al of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn's assets and Fablities on June 1 fellow 39 197,000 247,000 Capitalized software cOsts 391,000 135,000 (228,000 742,000 Accounts receivable 10 poins Coodwil11 LSabilitiea Net aasets eBook On June 1, Ronn's accounts receivablo had a foir value of $202,000, Addnonaly Renn's in-process nosearch and development was ostimated to have a fair volue of $290000 Alother tems viere stated at their fair values. On Cine's June 1 consoldated balance sheet how much is reported for goodw? $202000 s reponed for Multiple Choice $20,000 $391000 $160000 $115,000

Explanation / Answer

Answer:- 160,000

Calculation:-

Consideration transferred(fair value) $1,012,000 Cash $197,000 Accounts receivable $202,000 Capitalized software cost $391,000 Research and development $290,000 Liabilities ($228,000) Fair value of net identifiable assets acquired $852,000 Goodwill $160,000

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