Jernigan Corp.had the following account balances at 12/1/17:
Several of Jernigan's accounts have fair values that differ from book value.The fair values are: Land - $480,000; Building - $720,000; Inventory - $336,000; and Liabilities - $396,000.
Inglewood Inc.acquired all of the outstanding common shares of Jernigan by issuing 20,000 shares of common stock having a $6 par value per share, but a $66 fair value per share.Stock issuance costs amounted to $12,000.
Required:
Prepare a fair value allocation and goodwill schedule at the date of the acquisition.
Definitions:
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