Response to the following problem:
Interpreting Eliminating Entries
The following two consolidation eliminating entries were made immediately following Plains' acquisition of a 100 percent ownership interest in Seaboard for $88,000,000 cash: stockholders' equity ?, investment in seaboard 48,000,000, goodwill ?, noncurrent assets 2,000,000, investment is seaboard ?
Required Compute the following amounts:
a. Book value of Seaboard at the date of acquisition.
b. Excess paid over the book value of net assets acquired.
c. Goodwill.