Question

In recording the acquisition cost of an entire business: goodwill is recorded as the excess of cost over the fair market value of identifiable net assets. assets are recorded at the seller's book values. goodwill, if it exists, is never recorded. goodwill is recorded as the excess of cost over the book value of identifiable net assets.

Answer 1

"You record acquisition costs on a company's balance sheet under the fixed assets section. The total cost included on the balance sheet includes all costs incurred to use the asset, including costs associated with getting the asset working and producing"