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Kiwi Corporation paid $238,000 to acquire Strawberry Company, a U-Pick fresh fruit farm. At the time of the acquisition, Strawberry's balance sheet reported total assets
Kiwi Corporation paid $238,000 to acquire Strawberry Company, a U-Pick fresh fruit farm. At the time of the acquisition, Strawberry's balance sheet reported total assets of $238,000 and liabilities of $119,000. The fair market value of Strawberry's assets was $238,000. The fair market value of its liabilities was $119,000. How much goodwill did Kiwi purchase as part of the acquisition of Strawberry? $238,000 $59,500 $178,500 $119,000
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