QUESTION 8 Geelong Ltd acquired all the assets and liabilities of Auckland Ltd on 30 June 2020. The carrying amounts and estimated fair val liabilities to be taken over at acquisition are as follows: Carrying amount (5) Fair value (5) Land 950,000 830,000 Inventory 2,100,000 1,980,000 Plant 3,500,000 3,380,000 75,000 75,000 Accounts Payable In addition to these assets and liabilities, the existence of brand names was identified and valued at $250,000. A contingen measured at $180,000. The price paid was $6.2 million and costs of $20.000 were incurred in the purchase. Required: Calculate the amount of goodwill that would be recorded in the financial records of Geelong Ltd. Show all workings, (10 marks) T T T T Paragraph Arial 3 (12pt) ET % DOO TT. HTML CSS o Mashups QUESTION 8 Geelong Ltd acquired all the assets and liabilities of Auckland Ltd on 30 June 2020. The carrying amounts and estimated fair val liabilities to be taken over at acquisition are as follows: Carrying amount (5) Fair value (5) Land 950,000 830,000 Inventory 2,100,000 1,980,000 Plant 3,500,000 3,380,000 75,000 75,000 Accounts Payable In addition to these assets and liabilities, the existence of brand names was identified and valued at $250,000. A contingen measured at $180,000. The price paid was $6.2 million and costs of $20.000 were incurred in the purchase. Required: Calculate the amount of goodwill that would be recorded in the financial records of Geelong Ltd. Show all workings, (10 marks) T T T T Paragraph Arial 3 (12pt) ET % DOO TT. HTML CSS o Mashups