Accounting question | Accounting homework help
(1).Herbert, Inc., acquired all of Rambis Company’s outstanding stock on January 1, 2012, for $574,000 in cash. Annual excess amortization of $12,000 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $400,000, and Rambis reported a $200,000 balance. Herbert reported internal income of $40,000 in 2012 and $50,000 in 2013 and paid $10,000 in dividends each year. Rambis reported […]
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