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Determine how much should be recorded as goodwill

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Annapolis Company was recently sold for $470,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item                                                                  Amount
Accounts Receivable assumed by buyer          $90,000
Inventory                                                     $290,000
Property, Plant & Equipment (net)                       $595,000
Notes Payable assumed by buyer                             $695,000

Problem 1: Using this information, how much should be recorded as Goodwill for this transaction?

Reference no: EM132689922

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