(TCO 1, 6, 11) Hubert purchases Fran’s jewelry store for $975,000. The identifiable assets of…


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(TCO 1, 6, 11) Hubert purchases Fran’s jewelry store for $975,000. The identifiable assets of… 1 answer below ยป (TCO 1, 6, 11) Hubert purchases Fran’s jewelry store for $975,000. The identifiable assets of the business are as follows: Basis FMV Inventory $125,000 $150,000 Accounts receivable 55,000 50,000 Building 200,000 275,000 Land 280,000 300,000 Hubert and Fran agree to assign $125,000 to a five-year covenant not to compete. How should Hubert allocate the $975,000 purchase price to the assets? Sep 07 2015 02:12 PM

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