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What amount of goodwill should egbert record as a result

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Question

Wildhorse Company's 12/31/18 balance sheet reports assets of $11850000 and liabilities of $4970000. All of Wildhorse's assets' book values approximate their fair value, except for land, which has a fair value that is $770000 greater than its book value.

On 12/31/18, Egbert Corporation paid $12050000 to acquire Wildhorse. What amount of goodwill should Egbert record as a result of this purchase?

Reference no: EM132325606

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