Q3) Nordic Outfitters purchased all the outstanding common stock of European retail for $3,000,000 in cash. The book values and fair values of European Retail's assets and liabilities were:

Required: 1. Calculate the amount paid for goodwill. 2. Record Nordic Outfitters' acquisition of European Retail.

3) Nordic Outfitters purchased all the outstanding common stock of European Retail for $3,000,000 in cash. The book values and fair values of European Retail's assets and liabilities were Fair Value $250,000 2,400,000 Book Value $250,000 2,000,000 Receivables Property, plant, and equipment Intangible assets Liabilities 200,000 (650,000) S1,800,000 500,000 6 - Net Assets 52,500,000 Required: 1. Calculate the amount paid for goodwill. 2. Record Nordic Outfitters acquisition of European Retail. 1. 3,000, 000-2,500,000 = Sooy ooo Date General Journal Debit Credit