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What amount of goodwill should sheridan record

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Problem - Pharoah Company's 12/31/21 balance sheet reports assets of $7040000 and liabilities of $2340000. All of Pharoah's assets' book values approximate their fair value, except for land, which has a fair value that is $424000 greater than its book value. On 12/31/21, Sheridan Corporation paid $7173000 to acquire Pharoah. What amount of goodwill should Sheridan record as a result of this purchase?

Reference no: EM132935168

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