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Aurora Corporation was recently sold for $2,200,000. Aurora's assets and liabilities consisted of the following: Item Cash Inventory Amount $150,000 $320,000 Property, Plant & Equipment (net) $850,000 Accounts Payable $290,000 Using this information, how much should be recorded as Goodwill for this transaction?

Aurora Corporation was recently sold for $2,200,000. Aurora's assets and liabilities consisted of the following: Item Cash Inventory Amount $150,000 $320,000 Property, Plant & Equipment (net) $850,000 Accounts Payable $290,000 Using this information, how much should be recorded as Goodwill for this transaction?

FINANCIAL ACCOUNTING
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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Aurora Corporation was recently sold for $2,200,000. Aurora's assets and liabilities consisted of the following: Item Cash Inventory Amount $150,000 $320,000 Property, Plant & Equipment (net) $850,000 Accounts Payable $290,000 Using this information, how much should be recorded as Goodwill for this transaction?
Transcribed Image Text:Aurora Corporation was recently sold for $2,200,000. Aurora's assets and liabilities consisted of the following: Item Cash Inventory Amount $150,000 $320,000 Property, Plant & Equipment (net) $850,000 Accounts Payable $290,000 Using this information, how much should be recorded as Goodwill for this transaction?
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