Any excess cost over book value is attributable to goodwill with an indefinite life.

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Any excess cost over book value is attributable to goodwill with an indefinite life.
  • Any excess cost over book value is attributable to goodwill with an indefinite life.

  • Answers • 2 pages • 2020
  • Dodge, Incorporated acquires 15% of Gates Corporation on January 1, 2011, for $105,000 when the book value of Gates was $600,000. During 2011 Gates reported net income of $150,000 and paid dividends of $50,000. On January 2, 2012, Dodge purchased an additional 25% of Gates for $200,000. Any excess cost over book value is attributable to goodwill with an indefinite life. The fair-value method was used during 2011 but Dodge has deemed it necessary to change to the equity method after the second pu...
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