Question: Goodwill generated internally should be capitalized in the year it occurs. O represents the purchase price of a business that is about to be sold.

Goodwill generated internally should be capitalized in the year it occurs.

Goodwill generated internally should be capitalized in the year it occurs. O represents the purchase price of a business that is about to be sold. O is the difference between the fair value of the net tangible and identifiable intangible assets and the purchase price of the acquired business. O is the only account in the financial statements that is based on fair value, all other accounts are recorded at an amount other than their fair value

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