On September 4, 2017, Apple Inc. paid $2,000,000 to acquire all shares of Banana Corp. On this date, Banana Corp.Inc. had assets of $1,500,000 and liabilities of $300,000 listed on its balance sheet. All assets had book valuesapproximating fair values except its office building and manufacturing facility, whose fair values exceeded book valueby $200,000 and $100,000 respectively. How much goodwill is reported on December 31, 2017?

 

Answer rating: 100% (QA)

Goodwill is calculated as the excess of the purchase price over the fair value of identifiable net a... View the full answer