Below is information on a U.S. company's acquisition:
•Acquisition cost $70 million for 80% of the voting stock
•Fair value of noncontrolling interest $15 million
•Book value of acquired company $3 million
•Required revaluations of identifiable net assets:
o Previously unrecorded deferred tax liabilities, $1 million
o Previously unrecorded identifiable intangible assets are valued at $8 million
o Plant assets are overvalued by $5 million
Required
Calculate total goodwill and its allocation to the controlling and noncontrolling interest. Report your answers in millions of dollars.
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Goodwill to con...
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