Reference no: EM131716669

Question - Hefner Corporation has the following stockholders' equity accounts:

Preferred stock (5% cumulative dividend) $510,000

Common stock $760,000

Additional paid-in capital $310,000

Retained earnings $960,000

The preferred stock is participating. Flynt Corporation buys 70 percent of this common stock for $1,610,000 and 60 percent of the preferred stock for $660,000. The acquisition-date fair value of the non-controlling interest in the common shares was $690,000 and was $440,000 for the preferred shares. All of the subsidiary's assets and liabilities are viewed as having fair values equal to their book values.

What amount is attributed to goodwill on the date of acquisition?