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Mary Limited acquired the identifiable assets and liabilities of Joan Limited. The items acquired are:...

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Accounting

Mary Limited acquired the identifiable assets and liabilities of Joan Limited. The items acquired are: equipment $296000; inventories $160000; accounts receivable $90000(fair value $104000); patents $60000; accounts payable $80000.
The net assets were acquired for consideration of $530000. The difference on acquisition is:
Question 1Answer
a.
Goodwill of $10000
b.
Goodwill of $170000
c.
Gain on bargain purchase of $10000
d.
Gain on bargain purchase of $156000
e.
Goodwill of $4000

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