Multiple Choice
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?
A) $7,000
B) $8,000
C) goodwill is not amortized
D) not enough information to calculate amortization
Correct Answer:
Verified
Correct Answer:
Verified
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