opyright ? 2012 Pearson Education, Inc. Publishing as Prentice Hall 2) On December 31, 2011, Paladium International purchased 70% of the mon stock of Sennex Chemical. Paladium paid $140,000 for the shares and determined that the fair value of all recorded Sennex assets and liabilities approximated their book values, with the exception ofa customer list that was not recorded and had a fair value of $10,000, and an expected remaining useful life of5 years. At the time of purchase, Sennex had stockholders' equity consisting of capital stock amounting to $20,000 and retained earnings amounting to $80,000. Any remaining excess fair value was attributed to goodwill. The separate financial statements at December 31, 2012 appear in the first two columns of the consolidation workpapers shown below.
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