Essay
On April 1, 2012, the balance sheets of Optimum Inc. and Electra Inc. were as follows: 
On that date, the fair values of Electra's Assets and Liabilities were as follows: 
On April 1, 2012, Optimum Inc. decided to purchase all the assets and liabilities of Electra Inc. for $250,000 in cash. a) Calculate the amount of Goodwill arising from this combination. b) Prepare the journal entry to record Optimum's acquisition of Electra's assets. c) Prepare Optimum's Consolidated Balance Sheet immediately following its acquisition of Electra's assets.
Correct Answer:
Verified
Correct Answer:
Verified
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