On January 1, Year 1, Pacific Corporation acquired 75% of Sand Corporation's 200,000 outstanding common shares for $2,850,000. On January 1, the book value of Sand's net assets was $3,000,000. Book value equaled fair value for all of Sand's assets and liabilities except land, which had a fair value $200,000 greater than book value, and equipment, which had a fair value $150,000 greater than book value. On January 1, Year 1, Sand had a noncompete agreement with a fair value of $300,000. What is the goodwill to be reported on Pacific Corporation's December 31, Year 1 balance sheet under U. S. GAAP

$112,500

Explanation:

The good will to be reported in the balance sheet of the Pacific Corporation as at December 31 shall be determined using the following mentioned  method:

Cost to acquire share of the Pacific Corporation             $2,850,000

Less:Net Assets Acquired of Sand Corporation

       Sand Net Assets                     $3,000,000

       Excess value of land               $200,000

       Excess value of equipment    $150,000

       Fair value of non-compete     $300,000

                                                       $3,650,000                 ($3,650,000)    

Add:Net Assets portion of the Non controlling interest   $912,500

($3,650,000*25%)

Good will                                                                              $112,500

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