3. On April 1, 20X2, Pack Company paid $800,000 for all of Sack Corporation's issued and outstanding common stock. Sack's recorded assets and liabilities on April 1, 20x2, were as follows: Cash Inventory $ 80,000 240,000 Property and equipment (net of accumulated depreciation of $320,000) Liabilities On April 1, 20X2, Sack'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? Multiple Choice O O $180.000 $0. $50,000 480,000 (180,000) $150,000

3. On April 1, 20X2, Pack Company paid $800,000 for all of Sack Corporation's issued and outstanding common stock. Sack's recorded assets and liabilities on April 1, 20x2, were as follows: Cash Inventory $ 80,000 240,000 Property and equipment (net of accumulated depreciation of $320,000) Liabilities On April 1, 20X2, Sack'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? Multiple Choice O O $180.000 $0. $50,000 480,000 (180,000) $150,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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