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What is amount of goodwill resulting from acquisition

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Reference no: EM13538593

On April 1, Par Company paid $1,600,000 for all the issued and outstanding common stock of Son Corporation in a transaction properly accounted for as an acquisition. Son Corporation is dissolved. The recorded assets and liabilities of Son Corporation on April 1 follow:

Cash $160,000
Inventory 480,000
Property and equipment (net of 
accumulated depreciation of $640,000) 960,000
Liabilities (360,000)

On April 1, it was determined that the inventory of Son had a fair value of $380,000 and the property and equipment (net) had a fair value of $1,120,000. What is the amount of goodwill resulting from the acquisition?

Reference no: EM13538593

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