On July 31,2014,Mason Company purchased for $4,000,000 cash all of the outstanding common stock of Turquoise Company when Turquoise's balance sheet showed net assets of $3,200,000.Turquoise's assets and liabilities had fair values different from the book values as follows: As a result of the transaction,what amount will be shown as goodwill in the July 31,2014,consolidated balance sheet of Mason Company and its wholly owned subsidiary,Turquoise Company?

Question

On July 31,2014,Mason Company purchased for $4,000,000 cash all of the outstanding common stock of Turquoise Company when Turquoise's balance sheet showed net assets of $3,200,000.Turquoise's assets and liabilities had fair values different from the book values as follows:  As a result of the transaction,what amount will be shown as goodwill in the July 31,2014,consolidated balance sheet of Mason Company and its wholly owned subsidiary,Turquoise Company?

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The Answer of On July 31,2014,Mason Company purchased for $4,000,000 cash all of the outstanding common stock of Turquoise Company when Turquoise's balance sheet showed net assets of $3,200,000.Turquoise's assets and liabilities had fair values different from the book values as follows:  As a result of the transaction,what amount will be shown as goodwill in the July 31,2014,consolidated balance sheet of Mason Company and its wholly owned subsidiary,Turquoise Company?

On July 31,2014,Mason Company Purchased for $4,000,000 Cash All of the Outstanding