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Compute the amount of goodwill acquired by Vernon

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Question - On September 1, 2018, Vernon Corporation acquired Barlow Enterprises for a cash payment of $850,000. At the time of purchases, Barlow's balance sheet showed assets of $660,000, liabilities of $240,000, and owner's equity of $420,000. The fair value of Barlow's assets is estimated to be $970,000. What is the formula to compute the amount of goodwill acquired by Vernon?

Reference no: EM132571290

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