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Backstreets Company recently acquired all of Jungleland incorporated's net assets in a business acquisition. The cash purchase price was $79 million. Jungleland's assets and liabilities
Backstreets Company recently acquired all of Jungleland incorporated's net assets in a business acquisition. The cash purchase price was $79 million. Jungleland's assets and liabilities had the following appraised values immediately prior to the acquisition: land, $2.2 milition; buttithgs, $3.9 mitition; inventory, $2.7 milition; long-term notes payable, for which Backstreets Company assumes payment responsibilties, $2.0 million. Required: How much goodwill will result from this transaction? Note: Enter your answer in whole dollars
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