During 2014, Manning Corporation purchased 100% of the outstanding voting shares of Brady Corporation for $4.0 million. Brady's assets had a book value of $5.0 million and fair market value of $6.5 million. The book value as well as fair market value of Brady's liabilities equaled $3.2 million. How much was paid for goodwill?
A) $1,000,000
B) $0
C) $700,000
D) $2,200,000
Correct Answer:
Verified
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