Solution for QID #22310: Huang Inc has 50,000 shares of $3 par value stock outstandin | StudyHelpMe

Huang Inc has 50,000 shares of $3 par value stock outstanding. Ouyang Inc acquired 10,000 of Huang's shares on Jan 1, 20X1, for $100,000 when Huang's net assets had a total fair value of $400,000. On July 1, 20x1, Ouyang bought an additional 20,000 shares for $12 per share. Although Huang's shares were selling in the $11 range around July 1, 20X1. If Huang's identifiable net assets had fair value of $550,000 at July 1, 20x1, how much goodwill should Ouyang Report in the consolidated statement? $150,000 $60,000 $40,000 $30,000 $20,000