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Short Corporation acquired Hathaway, Inc., for $52,000,000. The fair value of all Hathaway's identifiable tangible and intangible assets was $48,000,000. Short will amortize any goodwill over the maximum number of years allowed. What is the annual amortization of goodwill for this acquisition

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lazicah

Answer:

Goodwill is not amortized

Explanation:

In 2001, According to the Financial Accounting Standards Board (FASB) declared in Statement 142, Accounting for Goodwill and Intangible Assets, that goodwill was no longer permitted to be amortized.