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On August 1, 2017, Western Corporation acquired Orbit, Inc. for a cash payment of $2.20...

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Accounting

On August 1, 2017, Western Corporation acquired Orbit, Inc. for a cash payment of $2.20 million. At the time of purchase, Orbits balance sheet showed assets of $4,400,000, liabilities of $2,650,000, and owners equity of $1,750,000. The fair value of Orbits identifiable assets is estimated to be $4,300,000. Compute the amount of goodwill acquired by Western.

Value assigned to goodwill

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