Question: Nordic Outfitters purchased all the outstanding common stock of European

Nordic Outfitters purchased all the outstanding common stock of European Retail for $3,000,000 in cash. The book value of Pioneer’s net assets (assets minus liabilities) was $1,800,000. The book values and fair values of Pioneer’s assets and liabilities were:


Required:
1. Calculate the amount paid for goodwill.
2. Record Nordic Outfitters’ acquisition of EuropeanRetail.
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  • CreatedJuly 15, 2014
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