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Woof Co. acquired all of Meow Co. for $502,000 cash in a tax-free transaction. On that date, the subsidiary had net assets with a $480,000

Woof Co. acquired all of Meow Co. for $502,000 cash in a tax-free transaction. On that date, the subsidiary had net assets with a $480,000 fair value but a $400,000 book value and income tax basis. The income tax rate was 30%. What amount of goodwill should have been recognized on the date of the acquisition?

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