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Blue Sky Company's 12/31,08 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000. All...

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Accounting

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Blue Sky Company's 12/31,08 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000. All of Blue Sky's assets' book values approximate their fair value, except for land, which has a fair value that is $500,000 greater than its book value. On 12/31/08, Aaron Corporation paid $5,000,000 to acquire Blue Sky. What amount of goodwill should Aaron record as a result of this purchase? Select one: a. $1,000,000 b. $0 c. $2,000,000 d. $1,500,000 e. $2,500,000 The following account balances (normal balances) were taken from the journal entry used to transfer various merchandise amounts under a periodic inventory system into the Cost of Goods Sold account: Based on the above facts, what was the beginning inventory? Select one: a. $10,000 b. $11,800 c. $17,300 d. $136,000 e. $130,200

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