Question: show me step by step answer 8 Jackson Company acquires 100% of the stock of Clark Corporation on January 1, 2020, for $4,100 cash. As

show me step by step answer

8 Jackson Company acquires 100% of the stock of Clark Corporation on January 1, 2020, for $4,100 cash. As ofthat date Clark has the following trial balance: Debit Credit Cash $ 566 Accounts receivable 609 Inventory 966 Buildings (net) (5 year 1,609 life) Eou1pment (net) (2 year 1,663 life) Land 90% Accounts payable $ 40% Long-term liabilities (due 12/31/22) 1'9\" Common stock 1,686 Additional paidin capital 7&0 Retained earnings 1,508 Total $5,503 $5,560 ' Net income and dividends reported by Clark for 2020 and 2021 follow: 202a 2621 Net income $120 $140 Dividends 4B 56 r- The fair value of Clark's net assets that differ from their book values are listed below: Fair Value Buildings $1.266 Equipment 1,353 Land 1,388 Long-term liabilities 1'75\" ' Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. Compute goodwill, if any, at Januaryl, 2020. Multiple Choice $0 $100. $400. $900. 0000

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