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Goodwill Marino Company had the following balance sheet on January 1, 2013: On January 2, 2013, Paul Company purchased Marino by acquiring all its outstanding
Goodwill Marino Company had the following balance sheet on January 1, 2013: On January 2, 2013, Paul Company purchased Marino by acquiring all its outstanding shares for $300,000 cash. On that date, the fair value of the inventory was $30,000, and the fair value of the equipment was $240,000. In addition, the fair value of a previously unrecorded customer list was $25,000. For all other amounts, the book value of January 1, 2013, equaled fair value. Compute the goodwill associated with the purchase of Marino. $ Prepare the journal entry necessary at January 1, 2013, to record the acquisition of Marino. For compound entries, if an amount box does not require an entry, leave it blank or enter "0
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