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Cullumber Company purchases Blossom Company for $2520000 cash on January 1, 2021. The book value of Blossom Company's net assets, as reflected on its December
Cullumber Company purchases Blossom Company for $2520000 cash on January 1, 2021. The book value of Blossom Company's net assets, as reflected on its December 31, 2020 balance sheet is $1968000. An analysis by Cullumber on December 31, 2020 indicates that the fair value of Blossom's tangible assets exceeded the book value by $198000, and the fair value of identifiable intangible assets exceeded book value by $147500. How much goodwill should be recognized by Cullumber Company when recording the purchase of Blossom Company? $552000 O $206500 O $0 O $354000
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