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Calculate the amount of goodwill acquired by luigi

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Question - On September 1, 2020, Luigi Corporation acquired Edinburgh Enterprises for a cash payment of $ 650,000. At the time of purchase, Edinburgh's balance sheet showed assets of $ 860,000, liabilities of $ 460,000, and owners' equity of $ 400,000. The fair value of Edinburgh's assets is estimated to be $ 700,000. Calculate the amount of goodwill acquired by Luigi.

Reference no: EM133088561

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