Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2017, aiello company purchased 100%

On January 1, 2017, Aiello Company purchased 100% of the common stock Uline Industries for...

60.1K

Verified Solution

Question

Accounting

On January 1, 2017, Aiello Company purchased 100% of the common stock Uline Industries for $450,000. On that date, Uline had common stock of $90,000 and retained earnings of $280,000. Equipment and land were each undervalued by $25,000 on Ulines books. There was a $10,000 overvaluation of Bonds Payable, as well a $20,000 undervaluation of inventory. What is the amount of goodwill recorded in connection with this combination?

Select one:

A. $20,000

B. $80,000

C. $-0-

D. $25,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

When two carts collide, we know that the total momentum of the system should be conserved,...

Electrical Engineering
1.2K views

1. Determine the parity of a continuous signal, apply 5 examples in Octave.

Accounting
1.2K views

The advent of Corporate Governance & Compliance and business ethics represented a major change in the...

Biology
1.2K views

The active and inactive forms of a hypothetical enzyme are shown below The polypeptide is...

Basic Math
1.2K views

Write three to four sentences presenting your prediction about the main conflict in the novel...

Basic Math
1.2K views

1. (5 pts) Graph one continuous function f(x) such that all of the following hold:a....

Calculus
1.2K views

6 The battery charge of a cell phone is tracked with a function over the...

Accounting
1.2K views

E20.1 (LO 1) As a study aid, your classmate Pascal Adams has prepared the following...

Accounting
1.2K views

Belle Company reports the following information for the current year. All beginning inventory amounts equaled...

Accounting
1.2K views

E K Kanoo is registered trader for VAT with NBR of Ministry of Finance of...

Accounting
1.2K views

s there a problem ?

Finance
1.2K views

How much should you pay for a financial contract that offers you a $2,5007-year annuity...