The balance sheet of Cattleman's Steakhouse shows assets of $87,300 and liabilities of $15,000. The fair value of the assets is $90,600, and the fair value of its liabilities is $15,000. Longhorn paid Cattleman's $84,320 to acquire it. Longhorn should record goodwill on this purchase of:

a) $12,020

b) $2,980

c) $10,400

d) $8,720

Answer rating: 100% (QA)

d 8720 It is given that fair value of assets is 90600 and fair value of liabilities is 15000 Fair ... View the full answer