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On January 1 2014 Innovus Inc acquired 100 percent of the common stock of ChipTech Company for $670,000 in cash and other fair-value consideration ChipTech’s fair value was allocated among its

On January 1, 2014, Innovus, Inc., acquired 100 percent of the common stock of ChipTech Company for $670,000 in cash and other fair-value consideration. ChipTech’s fair value was allocated among its net assets as follows:

Required

a. Using Excel, compute consolidated balances for Innovus and ChipTech. Either use a worksheet approach or compute the balances directly.

b. Prepare a second spreadsheet that shows a 2015 impairment loss for the entire amount of goodwill from the ChipTech acquisition.

Jul 22 2020 View more View Less

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