What amount of goodwill should Horace Wimp record

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Question - Blue Sky Company's 12/31/10 statement of financial position reports assets of P5,000,000 and liabilities of P2,000,000. All of Blue Sky's assets' book values approximate their fair value, except for land, which has a fair value that is P300,000 greater than its book value. On 12/31/10, Horace Wimp Corporation paid P5,100,000 to acquire Blue Sky. What amount of goodwill should Horace Wimp record as a result of this purchase?

Reference no: EM132945278

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