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Jernigan Corp. had the following account balances:
Receivables $96,000
Inventory $240,000
land $720,000
Building $600,000
Liabilities ($480,000)
Common Stock ($120,000)
Additional paid in capital ($120,000)
Retained Earnings Beginning ($840,000)
Revenue ($360,000)
Expense $264,000
Several of Jernigan's accounts have fair values that differ from book value:
Land $480,000
Building $720,000
Inventory $336,000
Liabilities ($396,000)
Inglewood Inc. obtained all of the outstanding common shares of Jernigan by issuing 20,000 shares of common stock having a $6 par value, but a $66 fair value. Stock issuance costs amounted to $12,000. How much goodwill will be recorded from this transaction?
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Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
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