Question: on january 1 2016 everett inc purchased barber corporation for...
On January 1, 2016, Everett, Inc. purchased Barber Corporation for $750,000. On that date the net assets of Barber had a book value of $450,000, and book values were equal to fair values with the following exception:
FIFO Inventory- Undervalued, $15,000
Land- Undervalued, $30,000
Equipment (4 years life)- undervalued, $40,000
Patent (10 year life)- undervalued, $60,000
During 2016, Everett had income from its own operations of $180,000 and Barber had net income of $75,000. What amount of goodwill appeared on the consolidated balance sheet at Dec 31, 2016?