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Problem 7-3B (Algo) Calculate and record goodwill (LO7-2) Northern Equipment Corporation...

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Accounting

Problem 7-3B (Algo) Calculate and record goodwill (LO7-2)
Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,590,000 in cash. The book values and fair values of Pioneer's assets and liabilities were as follows:
\table[[,Book Value,Fair Value],[Accounts Receivable,$740,000,$640,000
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