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Nugg Inc.'s balance sheet on December 31, 2019, was as follows: Cash $ 100,000 Current Liabilities $200,000 Accounts Receivable 200,000 Long-Term Debt 600,000 Inventory 600,000
Nugg Inc.'s balance sheet on December 31, 2019, was as follows: Cash $ 100,000 Current Liabilities $200,000 Accounts Receivable 200,000 Long-Term Debt 600,000 Inventory 600,000 Common Stock 100,000 Property, Plant & Equip. (net) 800,000 300,000 Add'l Paid-In Capital Retained Earnings 500,000 Total $1,700,000 Total $1,700,000 On December 31, 2019, Gold Inc. acquired all of Nugg's outstanding common stock for $1,600,000 cash. On that date, the fair value of Nugg's inventories was $500,000, and the fair value of Nugg's property, plant, and equipment was $1,000,000. The fair value of all other assets and liabilities of Nugg were equal to their book values. The December 31, 2019, consolidated balance sheet of Gold and Nugg has goodwill in the amount of
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