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Question - ABC Ltd acquired a business for the following consideration:
-Cash: $50,000
-Land: Book value $90,000
Fair value $170,000
-Shares in Range Ltd-fair value: $60,000
The business being acquired had the following assets and liabilities:
Liabilities
-Bank loan $50,000
-Creditors $30,000
Assets
-Plant and equipment $150,000
-Motor vehicle $30,000
-(the plant and equipment and motor vehicle have fair value of $170,000 and $30,000, respectively)
Required - How much goodwill was acquired?
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