On may 31, 2021, crane company paid $3,955,000 to acquire all of the common stock of cullumber corporation, which became a division of crane. cullumber reported the following balance sheet at the time of the acquisition:
current assets $ 1,017,000
current liabilities $ 678,000
noncurrent assets 3,051,000
long-term liabilities 565,000
stockholder's equity 2,825,000
total assets $4,068,000
total liabilities and stockholder's equity $4,068,000
it was determined at the date of the purchase that the fair value of the identifiable net assets of cullumber was $3,503,000. at december 31, 2021, cullumber reports the following balance sheet information:
current assets $ 904,000
noncurrent assets (including goodwill recognized in purchase) 2,712,000
current liabilities (791,000 )
long-term liabilities (565,000 )
net assets $2,260,000
it is determined that the fair value of the cullumber division is $2,486,000.
required:
1. compute the amount of goodwill recognized, if any, on may 31, 2021. (if answer is zero, do not leave answer field blank. enter 0 for the amount.)
2. determine the impairment loss, if any, to be recorded on december 31, 2021.

Which one of the following is never part of recording the requisition and issuance of raw materials in a job order cost system? debit finished goods inventory debit manufacturing overhead credit raw materials inventory debit work in process

Ben collins plans to buy a house for $166,000. if the real estate in his area is expected to increase in value by 2 percent each year, what will its approximate value be five years from now?

The gilbert instrument corporation is considering replacing the wood steamer it currently uses to shape guitar sides. the steamer has 6 years of remaining life. if kept,the steamer will have depreciaiton expenses of $650 for five years and $325 for the sixthyear. its current book value is $3,575, and it can be sold on an internet auction site for$4,150 at this time. if the old steamer is not replaced, it can be sold for $800 at the endof its useful life. gilbert is considering purchasing the side steamer 3000, a higher-end steamer, whichcosts $12,000 and has an estimated useful life of 6 years with an estimated salvage value of$1,500. this steamer falls into the macrs 5-year class, so the applicable depreciationrates are 20.00%, 32.00%, 19.20%, 11.52%, 11.52%, and 5.76%. the new steamer is fasterand allows for an output expansion, so sales would rise by $2,000 per year; the newmachine's much greater efficiency would reduce operating expenses by $1,900 per year.to support the greater sales, the new machine would require that inventories increase by$2,900, but accounts payable would simultaneously increase by $700. gilbert's marginalfederal-plus-state tax rate is 40%, and its wacc is 15%.a. should it replace the old steamer? b. npv of replace = $2,083.51