Xtra Company purchased a business from Argus for $96,000 above the fair value of its net assets. Argus had developed the goodwill over 12 years. How much would Xtra amortize the goodwill for its first year

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13-07-2022
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Xtra Company purchased a business from Argus for $96,000 above the fair value of its net assets. Argus had developed the goodwill over 12 years. How much would Xtra amortize the goodwill for its first year

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sharmaaashutosh169 sharmaaashutosh169 · Answer 1 · 2022-07-22T12:07:22+02:00

Xtra Company purchased a business from Argus for $96,000 above the fair value of its net assets. Argus had developed the goodwill over 12 years. Goodwill is not authorized.

An intangible asset known as goodwill is connected to the acquisition of one business by another. The percentage of the purchase price that is greater than the total net fair value of all the assets acquired in the acquisition than the sum of the liabilities absorbed throughout the process is known as goodwill.

Examples of goodwill include the value of a company's brand name, strong customer base, positive customer and employee interactions, and any patents or proprietary technology.

Learn more about goodwill here

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