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On April 1, 2017, Paape Company paid $950,000 for all the issued and outstanding stock of Simon Corporation. The recorded assets and liabilities of the Simon Corporation on April 1, 2017, follow:
|
Cash |
$ 80,000 |
|
Inventory |
240,000 |
|
Property and equipment (net of accumulated |
480,000 |
|
Liabilities |
(180,000) |
On April 1, 2017, it was determined that the inventory of Simon had a fair value of $190,000, and the property and equipment (net) had a fair value of $560,000. What is the amount of
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