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E2-5 Excess of investment over book value On January 1, Henry PLC purchased 5,000 out of 20,000 of Atah PLCs outstanding common stock for $29,000,000. Atah PLC shareholders equity for the period was $100,000,000 at that date. The information regarding the difference between the book value and the fair value of Atah PLCs assets and liabilities on January 1 was as follows: Inventory (sold in the current year) was overvalued by $4,000,000. Equipment with a remaining useful life of 10 years was undervalued by $24,000,000. Notes payable due in 5 years was undervalued by $8,000,000.

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Calculate goodwill from Henry PLCs investment in Atah PLC