Evaluation Youtube Yo Maps Seved Help Save & Exit TB MC Qu. 01-11 On January 3, 2021, Madison Corp. purchased... On January 3, 2021, Madison Corp. purchased 30% of the voting common stock of Huntsville Co., paying $3,000,000. Madison decided to use the equity method to account for this investment. At the time of the investment, Huntsville's total stockholders' equity was $8,000,000. Madison gathered the following information about Huntsville's assets and liabilities: Buildings (10-year life) Equipment (5-year life) Franchises (8-year life) Book Value Fair Value $ 400,000 $ 600,000 $ 1,200,000 1,400,000 0 $ 480,000 For all other assets and liabilities, book value and fair value were equal. Any excess of cost over fair value was attributed to goodwill, which has not been impaired What is the amount of goodwill associated with the investment? Multiple Choice CHART ng MacBook Air