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How much goodwill does tocoa recognize

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Problem 1: Tocoa corp. purchases a new company for $1,000,000 in cash. The company has liabilities listed on their books for $600,000, but Tocoa believes the fair value of the liabilities is actually $550,000. The company had assets with a bookvalue of $800,000, which Tocoa believes would cost $900,000 if purchased separately. How much, if any, goodwill does Tocoa recognize for this transaction?

Reference no: EM132622606

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