Select the correct answer for each of the following questions.
On April 1, 20X2, Jack Company paid $800,000 for all of Ann Corporation's issued and outstanding common stock. Ann's recorded assets and liabilities on April 1, 20X2, were as follows:
Cash | $ 80,000 |
Inventory | 240,000 |
Property and equipment (net of accumulated depreciation of $320,000) | 480,000 |
Liabilities | (180,000) |
On April 1, 20X2, Ann's inventory was determined to have a fair value of $190,000 and the property and equipment had a fair value of $560,000. What is the amount of goodwill resulting from the business combination?
a. $0.
b. $50,000.
c. $150,000.
d. $180,000.
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