Casey Corporation acquired Edy Company through an exchange of common shares. All of Edy's assets and liabilities were immediately transferred to Casey. Casey's common stock was trading at $25 per share at the time of the exchange. The total par value of Casey's stock outstanding before and after the acquisition was $750,000 and $840,000, respectively. Casey's additional paid-in capital before and after the acquisition were $200,000 and $560,000, respectively.

Based on the preceding information, what is the fair value of Edy's net assets if goodwill of $20,000 is recorded in the acquisition?

Multiple Choice

• $580,000

• $430,000

• $470,000

• $540,000