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What the amount of goodwill lightning inc would report

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Question - During the year, Lightning Inc. acquired Thunder Co. for $630,000 in cash and also agreed to pay Thunder Co.'s remaining liabilities of $150,000.  At the time of acquisition, the book value of Thunder Co.'s assets was $240,000, and the fair value of Thunder Co.'s assets was $480,000. What the amount of goodwill Lightning Inc. would report on their balance sheet?

Reference no: EM133155417

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