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Hubert Purchases Fran's Jewelry Store for $950,000

Question 144

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Hubert purchases Fran's jewelry store for $950,000.The identifiable assets of the business are as follows:
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Hubert and Fran agree to assign $110,000 to a 7-year covenant not to compete.How should Hubert allocate the $950,000 purchase price to the assets?
Hubert purchases Fran's jewelry store for $950,000.The identifiable assets of the business are as follows: ​ Hubert and Fran agree to assign $110,000 to a 7-year covenant not to compete.How should Hubert allocate the $950,000 purchase price to the assets?

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