$6$

Problem $7-3$B $($Algo$)$ Calculate and record goodwill $($LO$7-2)$

Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $$5,490,000$ in cash. The book values and fair values of Pioneer's assets and liabilities were as follows:

$2$ points eBook

$\backslash$table$[[,$Book V$$lue$,$Fair Value$],[$Accounts Receivable,$$640,000,$$$540,000$