Orange Corporation acquires all of the assets of Lemon Company for $10,000,000. The fair market value of

Question:

Orange acquires all of the assets of Lemon Company for $10,000,000. The fair market value of the tangible assets totaled $8,000,000. The $2,000,000 difference is considered goodwill. Orange expects to continue its business operations for at least 40 years. What is the annual amount of amortization for the goodwill?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...