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Question - Susie Corporation is buying all the assets and assuming all the liabilities of John's Barbeque Company. The following information is available for John's at the date of the purchase:
Accounts Receivable
250,000
Accounts payable
150,000
Inventory
100,000
Note Payable
Land
300,000
Common Stock
200,000
Retained Earnings
400,000
The accounts receivable are worth $200,000, the inventory is worth $75,000 and the land is worth $500,000. The Accounts Payable are worth book value. Additionally, the Note Payable debt is payable interest only at 10% per year for the next 5 years and then the principal is due. The current interest rate for similar debt is 12%. Susie will pay $650,000 for John's. How much of the purchase price will Susie debit to goodwill?
A. $125,000.00.
B $129,804.45.
C. $117,790.45.
D. $120,196.45.
E. Some other number which is not here.
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