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What is the amount of goodwill resulting

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Question - On April 1, 2010, Union Company paid $1,600,000 for all the issued and outstanding common stock of Cable Corporation in a transaction properly accounted for as an acquisition. The recorded assets and liabilities of Cable Corporation on April 1, 2010, were as follows:

Cash$ 160,000

Inventory 480,000

Property, plant and equipment (net) 960,000

Liabilities (360,000)

On April 1, 2010, it was determined that Cable's inventory had a fair value of $460,000, and the property, plant and equipment (net) had a fair value of $1,040,000. What is the amount of goodwill resulting from the business combination?

A: $0

B: $ 20,000

C: $300,000

D: $360,000

Reference no: EM131815536

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