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Consolidation Working Paper Identifiable Intangibles Goodwill International Technology Inc ITI acquires all of the voting stock of Global Outsourcing Corporation GOC on June 30 2015 Amounts

Consolidation Working Paper, Identifiable Intangibles, Goodwill International Technology Inc. (ITI) acquires all of the voting stock of Global Outsourcing Corporation (GOC) on June 30, 2015. Amounts paid are as follows (in millions): The earnings contingency provides for a potential payout to the former shareholders of GOC at the end of the third year following acquisition. The balance sheets of both companies immediately prior to the acquisition are as follows. Fair values of GOC's assets and liabilities at the date of acquisition are also provided. The intangible assets reported above consist of patents and trademarks. GOC also has the following previously unreported intangible assets that meet FASB ASC Topic 805 requirements for asset recognition: Prepare the journal entry or entries ITI makes to record the acquisition on its own books. Prepare a working paper to consolidate the balance sheets of ITI and GOC at June 30, 2015.

 

Apr 10 2020 View more View Less

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