Need help with this accounting question please solve Pacific Corporation purchased Oceanic Solutions for$2,100,000. Oceanic Solutions had assets with a fairvalue of $1,750,000 and liabilities with a fair value of$350,000.Use this information to determine the dollar value ofgoodwill.

Step 1: Define GoodwillGoodwill is an intangible asset that represents the excess amount paid by a…

Answered: Pacific Corporation purchased Oceanic…

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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Pacific Corporation purchased Oceanic Solutions for $2,100,000. Oceanic Solutions had assets with a fair value of $1,750,000 and liabilities with a fair value of $350,000. Use this information to determine the dollar value of goodwill.