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Business, 22.02.2021 19:30 adrianayepez8

Plumber Corporation acquired all of Socket Corporation's voting shares on January 1, 20X2, for $482,000. At that time, Socket reported common stock outstanding of $92,000 and retained earnings of $130,000. The book values of Socket's assets and liabilities approximated fair values, except for land, which had a book value of $92,000 and a fair value of $112,000, and buildings, which had a book value of $225,000 and a fair value of $410,000. Land and buildings are the only noncurrent assets that Socket holds. Required:
a. Compute the amount of goodwill at the date of acquisition Goodwill
b. Prepare the consolidating entry or entries required immediately.

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Plumber Corporation acquired all of Socket Corporation's voting shares on January 1, 20X2, for $482,...
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