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On February 1, 2X09, Bodner, Inc. acquired a 100% interest in Bolenski Company by paying...

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Accounting

On February 1, 2X09, Bodner, Inc. acquired a 100% interest in Bolenski Company by paying $34 million for 100% of the outstanding stock of Bolenski Company. The book value of the net assets amounted to $25 million, but an independent appraiser valued the printing press at $1.5 million over its book value. The book value and fair value of the remaining assets and liabilities were equal. Required:

1. On February 1, 2X09, prepare the eliminating entry by Bodner, Inc. after the acquisition.

2. What will occur if the goodwill decreases in value after the acquisition?

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