ACME Co Paid $110,000 for the Net Assets of Comb Corp

Multiple Choice

ACME Co. paid $110,000 for the net assets of Comb Corp. At the time of the acquisition the following information was available related to Comb's balance sheet: What is the amount of goodwill or gain related to the acquisition?

A) Goodwill of $70,000
B) Goodwill of $30,000
C) A gain of $30,000
D) A gain of $70,000