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Advocates Inc. has 38 million shares outstanding and trades at $15 per share. Advocates Inc. has net identifiable assets with a book value of $700

Advocates Inc. has 38 million shares outstanding and trades at $15 per share. Advocates Inc. has net identifiable assets with a book value of $700 million and a fair value of $1,000 million. Dimply Corporation purchases all of Advocates Inc. stock for $36 per share. How much will Dimply records as goodwill upon acquiring Advocates?

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