$125,000. The book values and fair values of except for buildings and equipment, which were worth $15,000 more than book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, the management of Vector concluded at December 31, 20X8, that goodwill from its acquisition of Scalar shares had been impaired and the correct carrying amount $5,000. Goodwill and goodwill impairment were assigned was proportionately to the controlling and noncontrolling shareholders. No additional impairment occurred in 20X9. Trial balance data for Vector and Scalar on December 31, 20X9, are as follows: Vector Co. Scalar Co. Item Debit Credit Debit Credit $ 100,000 CO 000 $ 30,000 25,000 Cash

$125,000. The book values and fair values of except for buildings and equipment, which were worth $15,000 more than book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, the management of Vector concluded at December 31, 20X8, that goodwill from its acquisition of Scalar shares had been impaired and the correct carrying amount $5,000. Goodwill and goodwill impairment were assigned was proportionately to the controlling and noncontrolling shareholders. No additional impairment occurred in 20X9. Trial balance data for Vector and Scalar on December 31, 20X9, are as follows: Vector Co. Scalar Co. Item Debit Credit Debit Credit $ 100,000 CO 000 $ 30,000 25,000 Cash

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 62P

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