What amount of goodwill should horace wimp record

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Cullumber Company's 12/31/18 balance sheet reports assets of $7010000 and liabilities of $2810000. All of Cullumber's assets' book values approximate their fair value, except for land, which has a fair value that is $421000 greater than its book value. On 12/31/18, Horace Wimp Corporation paid $7140000 to acquire Cullumber. What amount of goodwill should Horace Wimp record as a result of this purchase?

Reference no: EM132323086

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