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c6 Required information Use this information for questions 6 and 7: Buyer Incorporated...

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Accounting

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Required information Use this information for questions 6 and 7: Buyer Incorporated acquired ABC Company in 20X5. Neither company has ever been a part of any prior acquisition, but ABC Company has developed a valuable list of customers to which Buyer would like to market their products. On June 30, 20X5, Buyer paid $160 million in cash to complete the acquisition of ABC Company. As of the date of the acquisition, ABC Company's balance shget reported total assets of $14.0 million and total liabilities of $4.0 million. The fair market value of ABC Company's selmately identifiable assets was $17.1 million and the feir market value of the liabilities was $4.0 million As a result of this acquisition, Buyer should recognize of goodwill on its balance sheet. Goodwill recognized milion

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