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
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.
