Crane Companys 12/31/18 balance sheet reports assets of $7110000 and liabilities of $2910000. All of Cranes assets book values approximate their fair value, except for land, which has a fair value that is $431000 greater than its book value. On 12/31/18, Horace Wimp Corporation paid $7250000 to acquire Crane. What amount of goodwill should Horace Wimp record as a result of this purchase?

Multiple Choice Question 99 Crane Company's 12/31/18 balance sheet reports assets of $7110000 and liabilities of $2910000. All of Crane's assets' book values approximate their fair value, except for land, which has a fair value that is $431000 greater than its book value. On 12/31/18, Horace Wimp Corporation paid $7250000 to acquire Crane. What amount of goodwill should Horace Wimp record as a result of this purchase? $3050000 O $0 $2619000 0 $140000 Click if you would like to Show Work for this question: Open Show Work