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Compute the amount of goodwill recorded by winans

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On September 1, 2020, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000. At the time of purchase, Aumont's balance sheet showed assets of $620,000, liabilities of $200,000, and owners' equity of $420,000. The fair value of Aumont's assets is estimated to be $800,000.

Problem 1: Compute the amount of goodwill recorded by Winans in the acquisition.

Reference no: EM132778075

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