Q4: On September 1, 2019, Winans Ltd. acquired Aumont Enterprises for a cash payment of $700,000. At the time of purchase, Aumont's statement of financial position showed assets of $620,000, liabilities of $200,000, and equity of $420,000. The fair value of Aumont's assets is estimated to be $800,000.

Compute the amount of goodwill acquired by Winans

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