Presented on the next page is the statement of financial position of Kishwaukee Corporation as of December
Question:
Presented on the next page is the statement of financial position of Kishwaukee Corporation as of December 31, 2015.
Note 1: Goodwill in the amount of £120,000 was recognized because the company believed that book value was not an accurate representation of the fair value of the company. The gain of £120,000 was credited to Retained Earnings.
Note 2: Notes payable are non-current except for the current installment due of £100,000.
Instructions:
Prepare a corrected classified statement of financial position in good form. The notes above are for information only.
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Related Book For
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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