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ABC123 Inc has decided to purchase 100% the voting shares of DEF456 by issuing common shares with a market value of $400,000 on July 1, 2019. On the date, the balance sheets of each of these companies were as follows: ABC123 Inc DEF456 Inc Cash and Short-Term Securities $900,000 $200,000 Inventory $ 50,000 $120.000 Plant and Equipment (net) $350,000 $150,000 Goodwill $- $ 80,000 Total Assets $1,300,000 $550,000 Current Liabilities $ 180,000 $160,000 Bonds Payable $ 400,000 $100,000 Common Shares $ 500,000 $200,000 Retained Earnings $ 220,000 $ 90,000 Total Liabilities and Equity $1,300.000 $550,000
On that date, the fair values of DEF456 Assets and Liabilities were as follows: Cash and Short-Term Securities Inventory $ 90,000 $200,000 Plant and Equipment (net) $250,000 Current Liabilities $160,000 Bonds Payable $ 88,000
In addition to the above, an independent appraiser deemed that DEF456 Inc had trademarks with a fair market value of $100,000 which had not been accounted for Based on the information provided: Calculate the amount of Goodwill arising from this combination
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