Reference no: EM133122546
Question - Bo Peep just purchased a new sheep and mutton processing firm from Mary LL. Inc. on February 1, 2021
Here are the relevant facts for this purchase.
At the sale date, Mary had the Physical PP&E recorded at $3,210,987. Patents were on the books at $350,000, physical operating liabilities were $1,200,000 and Financial Liabilities were on the books for 1,500,000.
Bo Peep revalued PPE as $4,321,098 and patents were valued at $250,000.
Operating Liabilities remained at $1,200,000 and financial Liabilities were revalued as $1,800,000. Bo Peep purchased the company from Mary for $2,500,000 in cash.
How much goodwill did Bo Peep recognize on the Balance Sheet?
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