On May 31, 2021 Armstrong paid $3,500,000 to acquire all of the common stock of Police Corp which then became a division of Armstrong. Police reported the following balance sheet at the time of acquisition Current Assets   $900,000 NonCurrent Assets   $2,700.000 Current Liabilities    $600,000 Longterm Liabilities   $500,000 Stockholder’s Equity   $2,500,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Hall was $3,100,000 at December 31, 2021, Police reports the following balance sheet information  Current Assets     $800,000 Noncurrent Assets (including goodwill recognized in purchase) $2,400,000 Current Liabilities    ($700,000) Longterm Liabilities ($500,000) Net Assets    $2,000,000 At 12/31/2021 the FMV of Police division is $2,200,000 How much Goodwill is recognized at May 31, 2021?

7.  On May 31, 2021 Armstrong paid $3,500,000 to acquire all of the common stock of Police Corp which then became a division of Armstrong. Police reported the following balance sheet at the time of acquisition

Current Assets   $900,000

NonCurrent Assets   $2,700.000

Current Liabilities    $600,000

Longterm Liabilities   $500,000

Stockholder’s Equity   $2,500,000

It was determined at the date of the purchase that the fair value of the identifiable net assets of Hall was $3,100,000 at December 31, 2021, Police reports the following balance sheet information 

Current Assets     $800,000

Noncurrent Assets (including goodwill recognized in purchase) $2,400,000

Current Liabilities    ($700,000)

Longterm Liabilities ($500,000)

Net Assets    $2,000,000

At 12/31/2021 the FMV of Police division is $2,200,000

How much Goodwill is recognized at May 31, 2021?

 

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