on january 1, 2021 major acquired 60% of minor for a cash payment of $600,000. at date of acquisition, the fair value of minor's net assets were $300,000. assuming there is no control premium, how much goodwill is recorded in the consolidated financial statements

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28-10-2022
Business

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on january 1, 2021 major acquired 60% of minor for a cash payment of $600,000. at date of acquisition, the fair value of minor's net assets were $300,000. assuming there is no control premium, how much goodwill is recorded in the consolidated financial statements

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ANKITANAND ANKITANAND · Answer 1 · 2022-11-01T10:45:40-04:00

Goodwill is recorded in the consolidated financial statements is $300000.

What is financial statement?
The operations as well as financial performance of a company are detailed in financial statements. Government organisations, accounting firms, etc. frequently audit financial statements to ensure accuracy and also for tax, financing, as well as investing purposes. The balance sheet, operating income, statement of cash flow, as well as stockholders' equity are the four primary financial statements for for-profit entities. A similar but distinct set of financial statements is used by nonprofit organisations. Financial information is used by investors and financial analysts to assess a company's performance and forecast where the stock price will go in the future. The annual report, which includes the company's financial statements, is one of the most significant sources of trustworthy and audited financial information.

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