Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. action, inc. acquired the following assets and ass

Action, Inc. acquired the following assets and assumed the related liabilities of Slacker Corp. in...

80.2K

Verified Solution

Question

Accounting

image

Action, Inc. acquired the following assets and assumed the related liabilities of Slacker Corp. in a transaction completed on February 16, 2023: Action paid $205,000 in cash for all of the above from Slacker. a) Determine if Action must record any goodwill. Show any calculations. b) Record the acquisition in Action's general journal on Feb. 16, 2023. Show any calculations. c) Prepare any adjusting entry for amortization required as of the fiscal year end, December 31, 2023. If no amortization is required, explain why

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Demonstrate how the genome is compacted in eukaryote cells.

Biology
Q

how is PLA synthesized

Chemistry
Q

Be able to calculate the amount of solute when given the ppm or ppb concentrations and...

Chemistry
Q

Consider a sphere of radius R with power source inside it The power of source...

Physics
Q

A class obtained the following scores on a test Test Score Frequency 90 1 80...

Basic Math
Q

2x-y-4-03x+y-9-0What is the solution set of the given system?

Basic Math
Q

For what values of p is the integral convergent O a This integral is divergent...

Calculus
Q

converges conditionally converges absolutely diverges Need Help Submit Answer nwi Read It 6 25 6...

Calculus
Q

Write the following number in standard notation.7.81510?7.81510?=

Algebra
Q

On January 1, 2018, Byner Company purchased a used tractor. Byner paid $5,000 down and...

Accounting
Q

Does Caterpillar operate in any countries that are considered very politically or economically risky?

Accounting
Q

Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for...

Accounting