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1. On April 1, 2012, Jack Company paid $800,000 for all of Ann Corporation's issued and outstanding common stock. Ann's recorded assets and liabilities on
1. On April 1, 2012, Jack Company paid $800,000 for all of Ann Corporation's issued and outstanding common stock. Ann's recorded assets and liabilities on April 1, 2012, were as follows: Cash 5 80.000 Inventory 240,000 Property and equipment {net of accumulated depreciatiun of $320,000} 430.000 Liabilities {130,000} On April 1, 2012, Ann's inventory was determined to have a fair value of $190,000 and the property and equipment had a fair value of $560,000. What is the amount of goodwill resulting from the business combination? a) $0. b) $50,000. c) $150,000. d) $180,000
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