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    Goodwill amortization

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    Dombers Co. and Munn Corp. engaged in a business combination. In accounting for the combination, goodwill of $400,000 was recognized. What is the maximum period over which the goodwill can be amortized?

    A 0 years
    B 10 years
    C 20 years
    D 30 years
    E 40 years

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    Solution Summary

    The solution uses the scenarion given in the question to calculate the period over which goodwill needs to be amortized.