60. Ivy, Incorporated, purchased all the common stock of Harrell Company for $2,000,000. Harrell's net...
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60. Ivy, Incorporated, purchased all the common stock of Harrell Company for $2,000,000. Harrell's net assets had a book value of $1,200,000 and a fair market value of $1,500,000. What amount of goodwill should Ivy record as a result of this transaction?
A) $0
B) $300,000
C) $500,000
D) $700,000
Answer: C Difficulty: Medium
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