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On January 1,2015,IB Corporation Purchased 30 Percent of the Outstanding

Question 88

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On January 1,2015,IB Corporation purchased 30 percent of the outstanding common shares,no-par,of CXT at $2 per share.CXT data on this date were as follows:  Book Value  Market Value  Assets not subject to depreciation $20,000$24,000 Assets subject to depreciation (10 year life) 30,00040,000 Liabilities 14,000 Same  Stockholders’ equity (40,000 shares outstanding)36,000\begin{array}{|l|l|l|}\hline & \text { Book Value } & \text { Market Value } \\\hline \text { Assets not subject to depreciation } & \$ 20,000 & \$ 24,000 \\\hline \text { Assets subject to depreciation }(10 \text { year life) }& 30,000 & 40,000 \\\hline \text { Liabilities } & 14,000 & \text { Same } \\\hline \text { Stockholders' equity (40,000 shares outstanding)} & 36,000 &\\\hline\end{array} Additional data for CXT,at end of accounting period December 31,2015: (Significant influence is in existence)
2015 net income was $10,000; total 2015 cash dividends declared and paid was $4,000.
Required:
1.The goodwill purchased was $_____________________.

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