On April 1, 2014, Dart Company paid $620,000 for all issued and outstanding common stock of Wall

Question:

On April 1, 2014, Dart Company paid $620,000 for all issued and outstanding of Wall in a transaction properly accounted for under the acquisition method. Wall’s recorded assets and liabilities on April 1, 2014, follow:
Cash ................. $ 60,000
Inventory ................. 180,000
Property and equipment (net of accumulated
depreciation of $220,000) .......... 320,000
(net of accumulated write-downs
of $50,000) ................. 100,000
Liabilities ................. (120,000)
Net assets ................. $540,000

On April 1, 2014, Wall’s inventory had a $150,000 fair value, and its property and equipment (net) had a $380,000 fair value.

Required:
What is the amount of goodwill resulting from the business combination?

Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...