On July 1,20X9,Playa Corporation Paid $340,000 for All of Seashore

question 55

Multiple Choice

On July 1,20X9,Playa Corporation paid $340,000 for all of Seashore Company's outstanding common stock.On that date,the costs and fair values of Seashore's recorded assets and liabilities were as follows:

-Based on the preceding information,what amount should be allocated to goodwill in the consolidated balance sheet,prepared after this business combination?

• A)$0
• B)$25,000
• C)$70,000
• D)$45,000

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Definitions:

Intent To Deceive

The deliberate intention to mislead or deceive someone, typically to gain a legal or financial advantage.

Certifications

Denotes official recognitions or validations that an individual has achieved a certain level of skill, knowledge, or competence, usually in a specific profession or field.

Duress

a situation where a person is compelled to act against their will or make a contract under pressure or threats, rendering the agreement potentially voidable.

Legal Consent

Agreement given based on a clear understanding of the facts and implications, recognized as valid by law.