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Find how much should be recorded as goodwill for transaction

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Reference no: EM132585598

Annapolis Company was recently sold for $500,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item                                                         Amount

Accounts Receivable assumed by buyer $117,000

Inventory                                         $250,000

Property, Plant & Equipment (net)          $550,000

Notes Payable assumed by buyer        $675,000

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

Reference no: EM132585598

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