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Question - Annapolis Company was recently sold for $480,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:
Item Amount
Accounts Receivable assumed by buyer $108,000
Inventory $285,000
Property, Plant & Equipment (net) $580,000
Notes Payable assumed by buyer $675,000
Required - Using this information, how much should be recorded as Goodwill for this transaction?
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