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Calculate the amount of goodwill that would be recorded

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Question - Rivit Ltd acquired all assets and liabilities of Steel Ltd on 31 December 2020. The carrying amount and fair value of assets and liabilities taken over are as follows:

In addition, due diligence identified the existence of a Trademarks that was valued by an expert at $125,000. The due diligence process also uncovered contingent liabilities (Guarantee Payable) that were measured at $75,000.

The consideration paid was $2,450,000.

Required - Calculate the amount of goodwill that would be recorded in the books of Rivit Ltd following the acquisition of Steel Ltd. Show all workings.

Reference no: EM133176970

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