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Annapolis Company was recently sold for $490,000. Annapolis had assets & liabilities appraised at the...

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Accounting

Annapolis Company was recently sold for $490,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item Amount

Accounts Receivable assumed by buyer $108,000

Inventory $295,000

Property, Plant & Equipment (net) $535,000

Notes Payable assumed by buyer $685,000

Using this information, how much should be recorded as Goodwill for this transaction?

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