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Spartan and Spartan, Inc. recently purchased all of the outstanding stock of Michigan Company, paying $1,045,000 cash. Spartan and Spartan assumed all of the liabilities

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Spartan and Spartan, Inc. recently purchased all of the outstanding stock of Michigan Company, paying $1,045,000 cash. Spartan and Spartan assumed all of the liabilities of Michigan Co.. Book values and fair values of acquired assets and liabilities were: Current assets (net) Property, plant, equip. (net) Liabilities Book Value Fair Value $125,000 $170,000 600,000 790,000 185,000 185,000 Spartan and Spartan are going to record goodwill in the amount of: Multiple Choice $0. O $443,000. $505,000 $270,000

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