Business Combination with Goodwill
Williams Corporation pays cash of $250,000 to acquire the net assets of Frank Company on December 31, 20XX. The balance sheets of Williams Corporation and Frank Company, as well as the fair value information for Frank Company, is provided on an Excel spreadsheet (linked in Module folder).
For this assignment, download the Excel spreadsheet, and use the Tab function at the bottom to answer each of these questions. Note that you can either use the Tab function to answer each question, individually, or put the answers to each of the questions below on one Tab. Use Excel functions to show your calculations for any journal entry requiring a dollar calculation or dollar amount. Do not enter any dollar amounts directly, unless it is unavoidable for obvious reasons.
Use Excel formulas to make or evidence each of your calculations of each/any dollar amounts. Please do not enter any dollar amounts, directly, for the answers to the Requirements unless it is unavoidable for obvious reasons.
Submit your Excel file following this naming convention: MyNameCTA1Option1. Prepare and submit only one Excel spreadsheet.
Chapters 1 & 2 in Advanced Financial Accounting
PWC. (2017). Simplifying goodwill impairment testing. Retrieved from https://www.pwc.com/us/en/cfodirect/publications/in-the-loop/step-2-goodwill-impairment-test.html
Deloitte. (2017). FASB eliminates Step 2 from the goodwill impairment test. Retrieved from https://www2.deloitte.com/us/en/pages/audit/articles/hu-fasb-eliminates-step-2-from-the-goodwill-impairment-test-020117.html
Chapter 1 & Chapter 2 in Advanced Financial Accounting, PowerPoint presentations
FASB. (2016). FASB accounting standards update: Investments—Equity method and joint ventures (Topic 323). Retrieved from
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