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Fresh cut corporation purchased all the outstanding common

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Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $12,600,000 in cash. The book value of Premium Meats' net assets (assets minus liabilities) was $7,958,000. The book values and fair values of Premium Meats' assets and liabilities were:

  • Book Value Fair Value
  • Receivables $ 1,400,000 $ 1,300,000
  • Property, plant, and equipment 8,000,000 9,400,000
  • Intangible assets 208,000 1,200,000
  • Liabilities (1,650,000) (2,000,000)
  • Net assets $ 7,958,000 $ 9,900,000

Calculate the amount Fresh Cut paid for goodwill?

Reference no: EM13592285

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