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Nashville Incorporated purchased all of the outstanding stock of Memphis Company, paying $1,000,000 cash. Nashville assumed all of the liabilities. Book values and fair values

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Nashville Incorporated purchased all of the outstanding stock of Memphis Company, paying $1,000,000 cash. Nashville assumed all of the liabilities. Book values and fair values of acquired assets and liabilities were: Current assets (net) Property, plant, equip. (net) Liabilities Book Value Fair Value $135,000 $125,000 630,000 790,000 235,000 235,000 Nashville would record goodwill of: Multiple Choice $0. $273,000. $320,000

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