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What amount of goodwill should have been recognized

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Reference no: EM132981948

Question - Fort Corp. owned the following assets when it came out of Chapter 11 bankruptcy:

Inventory: $345,000 (book value); $290,000 (fair value)

Land $90,000 (book value); $185,000 (fair value)

Buildings $220,000 (book value); $370,000 (fair value)

Equipment $415,000 (book value); $325,000 (fair value)

Fort Corp. had a fresh start reorganization value of $1,300,000. What amount of goodwill should have been recognized in recording the reorganization?

Reference no: EM132981948

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