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What amount of goodwill should ivanhoe record as a result

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Question - Cullumber Company's 12/31/21 balance sheet reports assets of $7010000 and liabilities of $2810000. All of Cullumber's assets' book values approximate their fair value, except for land, which has a fair value that is $421000 greater than its book value. On 12/31/21, Ivanhoe Corporation paid $7140000 to acquire Cullumber. What amount of goodwill should Ivanhoe record as a result of this purchase?

Reference no: EM132908672

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