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On January 1, 2019, Everlasting, Inc. purchased Comet Corporation for $650,000. On that date the net assets of Comet had a book value of $320,000,

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On January 1, 2019, Everlasting, Inc. purchased Comet Corporation for $650,000. On that date the net assets of Comet had a book value of $320,000, and book values were equal to fair values with the following exceptions: FIFO Inventory --Undervalued, $30,000 Land--Undervalued, $10,000 Equipment (5 year life)-- Undervalued, $75,000 Patent (5-year life)--Undervalued, $25,000 During 2019, Everlasting had income from its own operations of $220,000 and Come ad net income of $80,000 What amount of goodwill appeared on the consolidated balance sheet at December 31, 2019? Select one: O A. $140,000 o B. $330,000 O C. $190,000 D. $-0

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