Thomas Inc

question 93

Essay

Thomas Inc. had the following stockholders' equity accounts as of January 1, 2021:
Kuried Co. acquired all of the voting common stock of Thomas on January 1, 2021, for $20,656,000. The preferred stock remained in the hands of outside parties and had a fair value of $3,060,000. A database valued at $656,000 was recognized and amortized over five years. During 2021, Thomas reported earning $630,000 in net income and paid $504,000 in total cash dividends. Kuried used the equity method to account for this investment.What is the amount of goodwill resulting from this acquisition?

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Definitions:

John Crittenden

A U.S. politician known for the Crittenden Compromise, an unsuccessful proposal aimed at resolving the secession crisis that led to the Civil War.

Forty-Ninth Parallel

The latitude line that primarily forms the boundary between the United States and Canada, stretching from the Atlantic to the Pacific.

Oregon

A U.S. state located in the Pacific Northwest, renowned for its varied terrain that includes forests, mountains, agricultural lands, and urban areas.

Ethnic Groups

Collections of people who share common cultural characteristics, including language, traditions, and ancestry.