On January 1, 2016, Sheldon Company paid $750,000 cash for 100% of the outstanding common stock of Mullen Company; Mullen's book value of assets minus liabilities on the date of acquisition was $550,000. The current fair value of Mullen's net assets was $70,000 in excess of their book value. What was the amount of goodwill acquired by Sheldon Company?

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The Answer of On January 1, 2016, Sheldon Company paid $750,000 cash for 100% of the outstanding common stock of Mullen Company; Mullen's book value of assets minus liabilities on the date of acquisition was $550,000. The current fair value of Mullen's net assets was $70,000 in excess of their book value. What was the amount of goodwill acquired by Sheldon Company?

On January 1, 2016, Sheldon Company Paid $750,000 Cash for 100