Jernigan Corp. had the following account balances: Receivables.......................................$96,000 Inventory........................................$240,000 Land................................................$720,000 Building..........................................$600,000 Liabilities......................................($480,000) Common Stock.............................($120,000) Additional paid in

Question:

Jernigan Corp. had the following account balances:
Receivables.......................................$96,000
Inventory........................................$240,000
Land................................................$720,000
Building..........................................$600,000
Liabilities......................................($480,000)
Common Stock.............................($120,000)
Additional paid in capital..............($120,000)
Retained Earnings Beginning.......($840,000)
Revenue........................................($360,000)
Expense...........................................$264,000
Several of Jernigan's accounts have fair values that differ from book value:
Land................................................$480,000
Building..........................................$720,000
Inventory........................................$336,000
Liabilities......................................($396,000)
Inglewood Inc. obtained all of the outstanding common shares of Jernigan by issuing 20,000 shares of having a $6 par value, but a $66 fair value. Stock issuance costs amounted to $12,000. How much will be recorded from this transaction?
Goodwill
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