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5. (3 points) On September 1, 2017, Sheffield Corporation acquired Aumont Enterprises for a cash payment of $1,000,000. At the time of purchase, Aumont's balance

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5. (3 points) On September 1, 2017, Sheffield Corporation acquired Aumont Enterprises for a cash payment of $1,000,000. At the time of purchase, Aumont's balance sheet showed assets of $580,000, liabilities of $230,000, and owners' equity of $350,000. The fair value of Aumont's assets is estimated to be $1,000,000. Compute the amount of goodwill acquired by Sheffield

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