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On July 1,2020 , Gordon Corporation acquired a 10% equity interest in Wallace Inc. Gordon purchased 1,000 shares of the 10,000 shares Wallace has outstanding.

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On July 1,2020 , Gordon Corporation acquired a 10% equity interest in Wallace Inc. Gordon purchased 1,000 shares of the 10,000 shares Wallace has outstanding. This purchase did not allow Gordon Corporation to have any control over Wallace Inc. The Trial Balance of Wallace Inc as of July 1, 2020 is shown below: I he table below shows the fair value of all the specitic assets identified as undervalued in the transaction. Goodwill on the transaction was determined to be $250,000. Based on the information provided how much did Gordon Corporation pay for its 10% equity interest in Wallace Inc? $145,000 None of the answer selections are correct. $622,564. $1,640,000 $335,600

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