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Compute the amount of goodwill acquired by Flounder

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Question - On September 1, 2020, Flounder Corporation acquired Shamrock Enterprises for a cash payment of $690,000. At the time of purchase, Shamrock's balance sheet showed assets of $650,000, liabilities of $190,000, and owners' equity of $460,000. The fair value of Shamrock's assets is estimated to be $770,000. Compute the amount of goodwill acquired by Flounder.

Reference no: EM132601523

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