12-129On September 1, 2015, Vernon Corporation acquired Barlow Enterprises for a cash payment of $850,000. At the time of purchases, Barlow's balance sheet showed assets of $620,000, liabilities of $240,000, and owner's equity of $420,000. The fair value of Barlow's assets is estimated to be $970,000. Compute the amount of goodwill acquired by Vernon.

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The Answer of 12-129On September 1, 2015, Vernon Corporation acquired Barlow Enterprises for a cash payment of $850,000. At the time of purchases, Barlow's balance sheet showed assets of $620,000, liabilities of $240,000, and owner's equity of $420,000. The fair value of Barlow's assets is estimated to be $970,000. Compute the amount of goodwill acquired by Vernon.

12-129On September 1, 2015, Vernon Corporation Acquired Barlow Enterprises for a Cash