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What amount should parlor report as goodwill

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Reference no: EM131106511

On November 30, year 1, Parlor, Inc. purchased for cash at $15 per share all 250,000 shares of the outstanding common stock of Shaw Co. At November 30, year 1, Shaw's balance sheet showed a carrying amount of net assets of $3,000,000.

At that date, the fair value of Shaw's property, plant and equipment exceeded its carrying amount by $400,000. In its November 30, year 1 consolidated balance sheet, what amount should Parlor report as goodwill?

Reference no: EM131106511

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