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What is the amount of goodwill resulting from the business

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Question

On April 1, 20X1, Paape Company paid 950,000 for all the issued and outstanding stock of Simon Corporation in a transaction properly recorded as a purchase. The recorded assets and liabilities of the Prime Corporation on April 1, 20X1, follow:

Cash 80,000

Inventory 240,000

Property and equipment (net of accumulated depreciation of 320,000) 240,000

Liabilities (180,000)

On April 1, 20X1, it was determined that the inventory of Paape had a fair value of 190,000, and the property and equipment (net) had a fair value of 560,000. What is the amount of goodwill resulting from the business combination?

Reference no: EM132319582

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