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Compute the goodwill associated with the purchase of marino

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Question - Marino Company had the following balance sheet on January 1, 2013:

Cash

10,000

Accounts Payable

30,000

Inventory

40,000

Notes Payable

100,000

Property, plant, and equipment

200,000

Patent

20,000

Shareholders' equity

140,000

270,000

270,000

On January 2, 2013, Paul Company purchased Marino by acquiring all its outstanding shares for $300,000 cash. On that date, the fair value of the inventory was $30,000, and the fair value of the equipment was $240,000. In addition, the fair value of a previously unrecorded customer list was $25,000. For all other amounts, the book value of January 1, 2013, equaled fair value.

Compute the goodwill associated with the purchase of Marino.

Reference no: EM132054372

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