New harvest bakery acquired all the outstanding common stock of red rock bakery for $70,300 in cash. the book values and market values of red rock's assets and liabilities were as follows:
book value fair value
current assets $22,500 $22,800
property, plant, and equipment 40,100 52,100
other assets 4,800 5,400
current liabilities 10,600 15,100
long-term liabilities 22,400 20,900
calculate the amount paid for goodwill.

$26,000

Explanation:

Given that,

Acquired all the outstanding common stock (in cash) =  $70,300

Market value is also known as fair value.

Fair values of Red Rock's assets and liabilities:

Current assets = $22,800

Property, plant, and equipment = $52,100

Other assets = $5,400

Current liabilities = $15,100

Long-term liabilities = $20,900

Total = Current assets + Property, plant, and equipment + Other assets - Current liabilities - Long-term liabilities

        = $22,800 + $52,100 + $5,400 - $15,100 - $20,900

        = $44,300

Amount paid = $70,300

Therefore,

Amount paid for goodwill = Amount paid - Total

                                          = $70,300 - $44,300

                                          = $26,000

the answer choices are:

provides online banking

provides automatic payment services

provides home loans by using saving accounts

accept tax return refunds

hopefully someone can answer the question now lol

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