On may 31 2001 cole co paid 3500000 to acquire all of the

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Reference no: EM13595664

On May 31, 2001, Cole Co paid $3,500,000 to acquire all of the common stock of Hale Corporation, which became a division of Armstrong. Hale reported the following balance sheet at the time of the acquisition:

Current assets $900,000
Noncurrent assets 2,700,000
Total assets $3,600,000

Current liabilities $600,000
Long-term liabilities 500,000
Stockholder's equity 2,500,000
Total liabilities and S/E $3,600,000

It was determined at the date of purchase that the fair value of the total assets of Hall was $3,900,000.

Compute the amount of goodwill recognized if any on May 31, 2001.

Reference no: EM13595664

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