Business Combination with Goodwill

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).

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  1. Prepare  the journal entry required by Williams Corporation when it acquires Frank      Company’s net assets.
  2. Prepare  a balance sheet for William Corporation immediately following the      acquisition of Frank Company.
  3. Prepare  the journal entry required by Williams Corporation if it acquires all of      Frank Company’s common stock (instead of Frank Company’s net assets) for      $250,000.

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. 

Requirements:

  • Show      calculations for all questions.
  • Support      the writing portion of the assignment (if applicable) with credible      sources.
  • Use      terms, evidence, and concepts from class readings, including professional      business language.

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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