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How much goodwill was acquired

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Reference no: EM133161986

Question - ABC Ltd acquired a business for the following consideration:

-Cash: $50,000

-Land: Book value $90,000

Fair value $170,000

-Shares in Range Ltd-fair value: $60,000

The business being acquired had the following assets and liabilities:

Liabilities

-Bank loan $50,000

-Creditors $30,000

Assets

-Plant and equipment $150,000

-Motor vehicle $30,000

-(the plant and equipment and motor vehicle have fair value of $170,000 and $30,000, respectively)

Required - How much goodwill was acquired?

Reference no: EM133161986

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