Northern purchased the entire business of Southern including all its assets and liabilities for $666.750....
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Northern purchased the entire business of Southern including all its assets and liabilities for $666.750. Below is information related to the two companies Fair value of assets Fair value of liabilities Reported assets Reported liabilities Net Income for the year Northern $1,054,000 580,000 812,000 491,000 49,000 Southern $785,000 305,000 646,000 265,000 66,000 How much goodwill did Northern pay for acquiring Southern? Kansas Enterprises purchased equipment for $78,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $7,350 at the end af five years. Using the straight-line method, depreciation expense for 2021 would be
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